I dunno, what makes you think it hasn't already hit? I mean, the GD wasn't like some horrible 9/11 event that everyone slowly recovered from, it was a long slow boil, y/k? In fact, I read on Market Watch that you could compare the recent bull rally to the last bull rally in 1933. And there were 7 more years of recovery after that.
I think we're already in the GD2. The employment numbers, for instance--total bs IMHO. It's way higher than 8%, since it's a national avg, and it only counts people who are actively collecting unemployment. If you've run out, or are working a part time job, or have taken a hiatus or early retirement, etc etc you don't show up. I read somewhere that the rate was more like 14%.
Anyway, I am not more worried than usual, b/c I've been worried since 2007! If you can keep your job, the deflation can work to your advantage. Unless you want to cash out something, of course.
I didn't read Violet2's post so I'm not sure what you mean about a sustainable economy. One would hope that's what would happen, but I don't think the oligarchs are going to let it. We shouldn't be afraid IMO but angry--why have we let 1% consolidate the wealth in this country? Why on earth would they voluntarily give it up? In France they're holding managers hostage b/c of layoffs--and that's in a country w/ excellent infrastructure, worker protections, a living wage, a good education system, health care and safety nets. And wth do we have??? Yet I read letters to the editor that we can't tax the wealthy (1%!!!) b/c they "give" us jobs.
You and I shouldn't be afraid, the 1% should. They should be afraid that we wake up and demand responsible use of our tax dollars and a more progressive tax system.
OK, my rant got sidetracked, sorry.
I think if you have a frugal mindset, no debt and can keep your job(s), you will be fine.