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.

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.

Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage

Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.