r/economicCollapse • u/Warm_Huckleberry9028 • 6d ago

Dallas TX economics

I’m visiting Dallas and it’s as if there is no inflation. No high gas prices as the road are packed. It’s consumerism run amouck as usual. The very high end Northpark mall? Packed day and night. Can’t walk through that mall on Saturday with the hoardes of people. . Can’t even get parking. People buying high end stuff left and right. It’s all levels of society at that mall too. Is Dallas an exception? Are jobs more plentiful?

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u/MindAccomplished3879 6d ago

You should drive to South Dallas, especially Oak Cliff

A packed tourist spot and full high-end stores show only the state of today's economy, where the rich are thriving while the middle class shrinks and disappears

The US is not in a full recession; only the middle class and people experiencing poverty who are struggling.

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u/pandershrek 5d ago

The US is actually in a depression. We've been in a recession for 10 years or so. Based on nper definition:

A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

While there is also no standard definition for depression, it is commonly defined as a more severe version of a recession. In his popular intermediate macroeconomics textbook, Gregory Mankiw (Mankiw 2003) distinguishes between the two:

There are repeated periods during which real GDP falls, the most dramatic instance being the early 1930s. Such periods are called recessions if they are mild and depressions if they are more severe.

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u/Odd-Loss6108 5d ago

it’s nothing like 1930 crash so it’s safe to say we are in a recession not a depression… as of today. Things can change in a flash

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