Is there really going to be a depression?

[BrexitBingoGenerator]

If so, what will it be like?
I was a child in the central belt of Scotland during the early 80s and it was grim- I remember going past the closed-down Leyland plant at bathgate and the huge car parks lying empty. But what would a depression look and feel like in 2020?

No one will know until it happens?

But what would a depression look and feel like in 2020?

It’s not really hard to imagine is it?

I would imagine a 2020 depression would also be grim. It’s hardly going to be a barrel of laughs. More unemployment, hunger, illness, deaths, crime.

I think a depression in 2020 would be even harder for people then earlier times, largely because of social media and the footballers wives lives many aspire to, even on low incomes. Mentally, this will have a huge impact on people and cause a host of problems beyond the hunger. Instagram will continue to show people a lavish lifestyle while they are struggling to pay the basics. It’s a perfect storm for mental health problems.

The fall will be bigger I feel. Even in the 80s not everyone had a car, certainly not multiple cars. Not many had phone lines let alone multiple lines with different mobiles. If you were lucky you might have Sky TV but reality was most didn't.

What about food? Seems like it was a simpler time, more home cooking and less eating out. Now folks have got used to paying £X over the whole vegetable price (as an example) to get say a bucket of corn cut into pieces and thrown in garlic butter for the microwave; or the plethora of other "fast" veg available.

I don't remember too much about the 80s, I do know we weren't poor but I still remember steak was a treat, take out was few and far between.

Now we have got used to all this "extra" parts of life which is great but it will be those "extras" that some will have to cut.

I can't help but feel there's a greater disparity of wages too. There's more people living side by side along economic lines than before. Resentment will drive some into petty crime (not just theft, perhaps silly stuff like scratching a car bonnet because that car is new).

All this will play out against a backdrop of social media, a lot of people will continue to "keep up appearances" at what cost to their mental health? Will some choose to go without groceries for the sake of keeping the internet bill paid?

There are families I know of who already juggle bills, where the parents don't eat every day to make sure the children can. I know of single adult homes who are trying already to eek out a meagre existence on cereal made with water, and a few biscuits. And that's now. If the country goes bust what happens to the benefits safety net? Will the country borrow (can it?) to try and support itself? What shadow will that cast on future generations? Worse will those who are sick and disabled who have already been getting a rum deal the past few years, how will they suffer?

The really scary thing is that the 80s recession has nothing on the Great Depression of the 1930s and there are many studies that have forecast a depression now could be infinitely worse than even the Great Depression.

I'm getting off my soapbox now because quite honestly I'm feeling a little bleak having thought of all the above.

@SandysMam

I think a depression in 2020 would be even harder for people then earlier times, largely because of social media and the footballers wives lives many aspire to, even on low incomes. Mentally, this will have a huge impact on people and cause a host of problems beyond the hunger. Instagram will continue to show people a lavish lifestyle while they are struggling to pay the basics. It’s a perfect storm for mental health problems.

The mental health aspect will be major.

Social media is a trigger but at the same time there's more distractions now. People can numb themselves with computer games, Netflix, DVDs, internet, apps, a ton of TV channels (even Freeview) and other stuff.

Back in the early 80s you had BBC and ITV (eventually Channel 4) and that was about it. Those condemned to the dole just stayed in bed all day because there was nothing else to do.

The 1980s was a recession. A depression looks far far far worse. Though the 1930s didn't reduce life expectancy, (era of vaccines, early antibiotics and public hygiene measures) I can't see how this one won't (cancer treatment can cost ££££ for example)

Who knows what will happen

An even more cheery thought is the way out of depressions - usually war!

Yes. Unless there's a war. Then the depression is solved. But we have a war.

Come back 2020, all is forgiven.

The 1980s was a recession. A depression looks far far far worse.

It depends where you looked. The mining towns and other communities were pretty much destroyed in the 80s. Cities like Liverpool were on the brink of collapse.

It'll be horrendous, exacerbated by a no deal Brexit. That in itself will add 10 percent to food prices, without the multiplier from the pound crashing below the dollar. Covid-19 isn't going away soon either. I would expect a lowering of the IHT threshold as well, so people who thought they were inheriting a house will have to sell it to Tory rack renters.

Wow this thread is really sad reading

I've lived through 4 recessions but I've no idea what a depression is like in comparison

I definitely suffered during recessions but it never felt it went on for long, I always expected it to end

So I have some thought that a depression might feel never ending...

A depression is inevitable. 12,000 people lost their job in the last 48 hours. Every day there are more redundancies. Prices are increasing and businesses are failing. And this is on a global scale now.

It will be 2021-22 depression. In 2020 people still think they are ‘richer’ because they have ‘saved’ their commuting costs. We’re still spending a bit.

2021 will show the true rise in costs for households. Council tax up by 50%. Car insurance up 10%. Food bills rising.

And people will lose their jobs.

It's the loss of jobs that I worry about. So many sectors may lose millions of jobs (aviation, retail and restaurants as many companies are likely to drastically scale back or go bust). Where will those people get new jobs?

The loss of jobs and rise in crime will be massive.

With umpteen local authorities on the brink of bankruptcy I’m worried.

We all like to bitch about the potholes and how much we pay in council tax but when social care / libraries / the fire service / courts / environmental services are decimated it isn’t going to be pretty

Of course there will be. But hey all worth it wasn't it

@Smallsteps88

But what would a depression look and feel like in 2020?

It’s not really hard to imagine is it?

I would imagine a 2020 depression would also be grim. It’s hardly going to be a barrel of laughs. More unemployment, hunger, illness, deaths, crime.

That was harsh but it made me laugh.

What they said.

It's going to be shite.

What would a depression or recession mean for house interest prices?

One thing I think that will be new this time is the use of the recession to dismantle our traditional structures.

Expect:

• Further cuts to justice, including getting rid of jury trials (they've started on this) Fingers crossed you don't get accused of something you didn't do!
• bankruptcies of local councils, and perhaps scrapping them. Who cares so long as big builders can shove up low standard houses wherever they want! They've starting on scrapping planning rules already.
• lowering of business, employment, food and safety standards
• more cuts to health, social care, social services, education
• more contracts given to private firms for 'cost saving' reasons meaning more rubbish service. See track and trace as the model.

It is going to be grim.

You can bet what money there is will ensure Kensington doesn’t suffer as Deptford will. There will be a solid number of rich who will continue getting richer and a lot more families who will be hungry. I think for some, preparing for this will include keeping living costs/mortgages down as much as possible and managing the families expectations with regards to holidays etc. For others it will be about learning how to feed a family on food bank staples and developing those supportive communities we have begun to see in the times of coronavirus.

Most of all, we have to get rid of these lying scum running the country. Because they do not give a shit for anything but lining the pockets their own kind, and the NHS - our NHS - will be lost in the depression. It’s not something we’ll ever get back either.

Agree the NHS at great risk.

'We worked hard to preserve the universal healthcare model but the pandemic has made it simply impossible to continue. We are determined to build back better and use an innovative public-private model, with limited insurance elements, to level up health outcomes across our proud United Kingdom...'

We will be looking at a USA model where health care is for the working people only, as long as they have insurance, and the largest cause of bankruptcy will be health bills beyond the level of insurance. The poorest - well, they will get the minimum life saving Elastoplast care.

I hate this government so much.

The gap between haves and have nots will widen dramatically. The reemergence of the serving classes where eg Luton provides the cleaners gardeners drivers hairdressers tutors, personal fitness trainers, sex workers and security guards for central Bedfordshire's rural rich. (Replace with your own rich/poor divide).

We will see a dramatic rises in graffiti everywhere, closed shuttered shops, derelict buildings. Gangs of unemployed yoof hanging out. Parks full of homeless and alcoholics. A rise in domestic violence and suicide.