Next recession will be ‘worse than Great Depression’

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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