[thackney]

I define a depression as a falling average standard of living

You have your own definition then.

recession - identified by a fall in GDP in two successive quarters

depression - a decline in real GDP exceeding 10%, or
a recession lasting 2 or more years.

[RipSawyer]

“depression - a decline in real GDP exceeding 10%, or
a recession lasting 2 or more years.”
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It’s rather arbitrary but I would probably go along with it if the official figures bore a little more resemblance to reality. The way they figure it if everyone went to work for the government we would have the biggest boom in history.