According to Nobel Laureate Prof Paul Krugman (2011, December 11), "it’s time to start calling the current situation what it is: a depression." In July 2010, I reported that a Main Street depression was imploding America. Since then, the depression along Main Street has continued to expand and envelop the US national economy through today, when many in America are increasingly anxious or even afraid for the future. Evidence of economic depression in America includes the persistently low employment-to-population ratio, the devastating declines in home values, and the extended decline in real working class wages over the past decade -- this evidence is indisputable.
"Time Saving Truth from Falsehood and Envy" by François Le Moine (1688-1737)
I agree with Prof Krugman -- it's time for Americans to accept that our nation is mired in an economic depression that is deeply scarring our national political fabric -- it's the truth.
Source: Krugman, P (2011, December 11), Democracy and Depression, NY Times Online.
Main Street Depression Imploding America
US Employment to Population Ratio for November 2011
US Home Values Caught in Rut