Next recession will be ‘worse than Great Depression’

Written by Adam Cadle

The next recession will be ‘worse than the Great Depression’ if two experts’ predictions about the worldwide debt of $247trn are correct.

The impact is expected to hit the US within the next two years.

“The US economy is in so much worse shape than it was a decade ago,” economic commentator Peter Schiff told the New York Post.

“We won’t be able to call it a recession, it’s going to be worse than the Great Depression.”

Household debt in America is currently more that it was in 2008 at around $13.3trn and as part of that mortgage lending is near what it was 10 years ago at more than $9trn.

Student loans have more than doubled compared to a decade ago, rising from $611bn to $1.5trn.

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