Dr. Helen

I Thought the Economy was Improved?

CNBC has an article about the increase in depression between 2005-2010:

The economic costs from the psychological affliction of depression have gotten significantly larger in recent years—and people suffering from that condition were hit particularly hard by the 2008 financial crisis, a new study has found.

Annual costs related to major depressive disorder rose to $210.5 billion in 2010, according to the study published Wednesday in the Journal of Clinical Psychology. That represents a 21 percent increase over the $173.3 billion in overall annual economic fallout linked to sufferers of the disorder as of 2005, the report noted….

During that five-year time span, the number of people suffering from depression grew from 13.8 million to 15.4 million, with the fastest rate of increase seen among people older than the age 50.

“Worsening economic conditions after the 2008 downturn took a particularly heavy toll” on those people, noted the report, whose lead author, Paul Greenberg, is a managing principal at the Boston-based economic consulting firm Analysis Group.

Since the economy is now so “improved” due to the amazing job of the current administration, shouldn’t the rate of depression be dropping soon? It will be interesting to see the rate for 2011-2015.