The next Great Depression will have a tremendous impact on the entire world, heavily influencing the way we think and act. As we navigate through this period, there will be a lot of changes to life as we know it today!

If and when there is a ‘next’ Great Depression (some may argue that we’ve already entered the next one – although hidden from sight), the question is “How will it be different from the first?”

The current labor force participation rate is somewhere around 62% in the U.S. and the current combined U3 & U6 unemployment numbers reflect 22.8%. Apparently there are about 41 million people receiving food stamps while nearly 14% of Americans live below the ‘official’ poverty threshold (hinged to income and family size).

The U.S. National Debt is just about to turn over to 20 Trillion dollars. Unfunded liabilities are currently 104 Trillion dollars (source: usdebtclock.org). On average, each household with a credit card carries more than $15,000 in credit card debt, and the average U.S household with debt owes $130,922 (source: time.com).

According to a Federal Reserve report, nearly half of Americans couldn’t cover a $400 emergency expense without borrowing the money or selling something. Additionally, almost 30% of people report having a zero balance, and 62% have less than $1,000 in savings, according to a recent survey (source: GOBankingRates.com). An additional 21% report having no savings account whatsoever.

We as Americans are really not wealthy. Rather, we as Americans are drowning in debt while putting on a facade of phony wealth. Most do not own anything. The banks do. And guess what? The banks are in trouble too. The Federal Reserve (a private organization) has essentially been propping up the banks (and ‘the market’) since 2008 – and it’s all based on more gargantuan debt.

Recently, a commenter here said,
The “great depression” lasted somewhere around 10 years…. 90% of the population lived on farms-ish, I would bet that 90% of those had a HUGE-deep-pantry, and already had Gardens and Livestock. In 1935 there were around 127 million in the US, now 320-ish million, IF the “greater” depression hits and 90% are in the cities….. Just something to think about.

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