I don’t think I’d call this a depression. The problem is that you have a very mixed bag of economic data. Some companies look great and are paying dividends. Some states are doing pretty good on employment data. I think the better term is a nation of stagnation...where confidence just doesn’t exist at the level we saw thirty years ago.
I agree. Despite media reports to the contrary I think most people have the sense to know we're in for a long and protracted economic struggle. The budget math isn't doing us any favors, regardless of who sits in the White House.