Our current recession/depression is a balance sheet recession. People, companies and nations have too much debt. National governments have responded with still more borrowing and spending with predictable results. Dig these charts from Vox comparing the current recession with the Great Depression.
Budget deficits across the globe
That's pretty much what you'd expect if your problem was too much debt.
Here's the rest of the essay. It has a lot more information and is worth a read.