Is this country headed toward another depression?

[opebo]

Of course 'tax increases' or 'cuts' do not have any effect on a 'recession' or 'depression'.  Only demand-led State actions such as massive spending increases or redistribution to the oppressed can alleviate economic downturns (particularly severe ones).  Alas the only method our current ideological dead-end allows us for redistribution is through 'interest rate cuts', which is a very weak and round-about method.

So, is the country headed for severe economic misery?  Very probably, but this will not be any innovation for the majority of american workers, who have been living in severe economic misery for decades now.

[opebo]

...Why bother creating of saving...

Um.. you do understand that when one is in a recession one needs to discourage 'savings' and increase consumption, do you not?