Yes, This IS a Depression

As usual, Barry publishes good stuff.

...They also found that while inflows into unemployment in the early part of the recession were dominated by the weaker demographics—the young, the less educated, the nonwhite—the rate of exit has been broadly similar for all subgroups. So both for sectors and demographics, the problem is largely an aggregate one....

That's a minuscule cite from a much longer and more comprehensive paper, but it tells you what you already knew. This is a VERY serious event.

Depression? Well, it's certainly at the borderline.