Is there supposed to be a depression?

Yes I also think that world is going towards great depression in which everybody would be affected.

I think we are already in depression. I think the economy will get much worse than what it is right now too though. I hope Obama can make some good changes for us and get us back on track.

Yes, it definitely seems so. Apart from the usual incomprehensive jargon of politicians on GDP and such, as a layman I think we all can feel it. Most everyday necessity items have become quite expensive and splurging on fancies is right now out of question. And then the crashing of stock markets worldwide and big corporations downsizing or shutting shop, it’s a grim situation out there.