Difference Between Recession and Depression

If you lived through the 2008 recession, you know how painful recessions can be. Even if you didn’t personally lose your job or home, you likely knew more than one person who did. The effects of that recession lasted long after the period was declared over. Many Millennials cite its knock-on effects as the reason they haven’t purchased a home or started a family, even to this day. 

As bad as recessions are, depressions are even worse. You could generally describe the latter as dramatic pauses in economic activity,

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