Several factors are overlapping in that deep level of the mind where emotions, uncertainty, fatigue, lack of control and even a sense of emptiness can seriously affect our mental balance. America is entering another Great Depression — and it's time for a new New Deal A corporate bailout isn't nearly enough: Democrats, the moment to … As noted by Prof. Plinio Corrêa de Oliveira in his work, Revolution and Counter-Revolution, this generation has “a frame of mind characterized by the spontaneity of the primary reactions, without the control of the intelligence or the effective participation of the will, and by the predominance of fantasy and feelings over the methodical analysis of reality. Three-quarters of respondents indicate they have two months or less in cash in reserve. In the previous depressions, Italians were conscious that they had a glorious past to defend and a national heritage to hand over to the next generations. The highway system, the Hoover Dam and public housing across many cities were great examples of that. Covid-19 has killed more Americans than died in the Vietnam War and led to unemployment numbers that are likely worse than those during the Great Depression. Analysts and historians compare the current economic crisis to those of 1870, 1929, 1945 and others. Comments Policy: TFP.org reserves the right to edit messages for content and tone. The grim reality is that this economic setback, happening at such a crucial time in their lives, may be impossible to truly recover from. Amanda Marcotte is a senior politics writer at Salon and the author of "Troll Nation: How The Right Became Trump-Worshipping Monsters Set On Rat-F*cking Liberals, America, and Truth Itself." www.globalresearch.ca contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. On average, businesses reduced their employees by 40%. This bleak panorama prompted the rating agencies to downgrade Italy’s debt to the BBB- level, one step short of junk bonds, further worsening the country’s outlook. Sound-minded people, with dynamic expectations and high moral standards, make for a healthy economy. Only one thing is certain: we will have to adapt to a substantially lower standard of living. In September,  The US GDP was of the order of $19.54 trillion, the US National Debt was of the order of $26.71 trillion. “We have to begin talking about depressive disorders. In the 2017-2018 midterm cycle, Democrats offered a half-baked notion of what I'm suggesting here, called "A Better Deal." But it really wasn't ambitious enough to address the main problem in the American economy, which is that the top 1% of Americans own more wealth than the entire middle class combined. Corporate bankruptcies, mass unemployment and poverty: The closure of the planet’s real economy has triggered a global debt crisis affecting all sectors of economic activity. Any such program would likely help older people, too, of course. Americans technically got their jobs back, but, due to soaring wealth inequality, many or most never regained their pre-recession levels of wealth. This material may not be published, broadcast, rewritten or redistributed. Before speaking of economics, however, we must talk about the state of the people. Forward this article to your email lists. Under the “new normal”, the entire State structure will be under the control of powerful creditor institution. Even historical places that had survived two world wars and several depressions are going belly up. Widespread PTSD can easily throw society into depression, jeopardizing the possibilities for an economic bounce-back. There is an aversion for intellectual effort, notably to abstraction, theorization, and doctrinal thought. In June, the possibility of a Covid-19 “Second Wave” was announced. The New York Times Friday published a piece about the hellscape facing new college graduates, who are watching their job prospects dissipate in the wake of the economic collapse. There are many proposals floating around for a Green New Deal, which would implement 1930s-era federal investments in building infrastructure that would put people to work, rebuild our economy and directly attack the climate crisis. This pushes Italy back to the economic level of 1993. Most people will survive this, but recognize the need to stay home and slow the spread of disease in order to keep hospitals from being overrun and to keep more people from dying. “It is the worst crisis since the Second World War, capable of bringing devastation to the health, the well-being and the work of people, creating unprecedented uncertainty,” said OCSE analyst Robert Boone. It is shaking people’s certainties, even at the unconscious level, forcing them into situations for which they are not prepared.