This statement is false.
Forbes explains that, while we don’t have a technical definition of a depression, we recognize that a depression is a grave global economic collapse:
During a depression, the unemployment rate spikes into double-digits and demand for consumer goods collapses.
Companies usually slow production or shut down factories to compensate, and investment activity dries up. As a result, GDP and other measures of economic activity experience deep contractions. Recovery from a depression can take years or decades [Kat Tretina, “What Is Economic Depression?” Forbes, 2022.08.09].
The United States has suffered exactly one depression in the last hundred years. The 1930s Great Depression is nothing like what is happening now in the United States economy. Unemployment is at the lowest single digits in 50 years. Consumer demand is easing back from post-pandemic summer splurging, but we are still buying lots of stuff.
And while South Dakota had a year-long recession due to chronic Republican poor performance, the national economy isn’t depressing or recessing; GDP is up nationwide thanks to Bidenomics. The sudden and sharp recession that accompanied the outbreak of coronavirus in spring 2020 could have turned into a widespread economic collapse (remember the fears that drove toilet-paper hoarding?), but robust government intervention in the free market (a.k.a. socialism) saved the global economy from a complete collapse.
And while the annual rate of GDP increase has cooled off from the wild rebound that hit immediately after massive socialist intervention in the economy in 2020, the rates of GDP growth under President Biden have been higher than they were at any time under Trump or Obama and have matched or beat GDP growth under GW Bush and Clinton.
In other words, most participants in the Biden economy have never had it so good.
The current economy has problems, but languishing in depression is not one of them. President Joe Biden has not caused a depression. If anything, President Biden is strengthening the economy to better resist recessionary pressures. Claiming the contrary is as incorrect as claiming that Donald Trump is the only person we can trust to fix America’s problems or that Kristi Noem would be a cool and fantastic VP.