Why is an economic depression bad for consumers even though prices are cheaper?

Question

Why is an economic depression bad for consumers even though prices are cheaper?

In: 88

Answer 1

In simple ELI5 terms there is less money going around, which affects everyone. Less money moving means fewer jobs, which means higher unemployment, fewer raises, etc.

For a person who maintains their job and continues to get raises at the same level as they were before a depression, it could be a good thing. But this is not the experience most people have during a depression.