A depression is any economic downturn where real gross domestic product (GDP) declines by more than 10%. A recession is the reduction of a country's gross domestic product (GDP) for at least two quarters. A Bloomberg News survey reported February 12, 2009: “This is the biggest U.S. economic decline since 1946 as consumer spending posts its longest slide on record.”
February 12, 2009: Cong. Budget Office Reports Record
$1.2 Trillion Federal Debt in 2009, Bringing Total
National Debt to $10.6 Trillion.
Total federal indebtedness has nearly doubled in ten years and every individual (305 million people) in the United States would have to contribute $37,000 each to now pay off the national debt.
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