Is the US headed for a depression?

I found this video on www.getmoneyenergy.com while I was doing my Entrecard drops, this guy has a very interesting take on the way the US economy is going right now:

http://www.getmoneyenergy.com/2009/01/peter-morici-says-were-headed-into-a-depression/

(Sorry it's just a link to the other blog, I tried posting the video itself but it didn't work.)

One of the points he makes, which I totally agree with, is the US has to normalize our trade agreement with China. China's economy is growing by leaps and bounds from the pockets of the American consumer and it's got to stop. I'm not saying "destroy China, they're evil", not by a long shot. China has a great history of wonderful art and culture. But let them grow or fail on their own merits, not on our backs. The US needs to bring our manufacturing back to our own shores so that our people can have good jobs that pay a decent wage. Let's not forget that the Chinese factories pay their workers pennies a day for the same work someone could do here and actually make a decent living. Slave labor. I think I'd better end here before I go into an incoherent rant, but hopefully you understand what I'm saying.

Even if the governments don't change anything, we as consumers can. I remember not so long ago there were commercials running on TV encouraging people to look for "Made In USA" on the products they picked up when they were shopping. We can all still do that, it may take a bit longer to find what we need but in the end it will be worth it if it helps our economy grow. Isn't it better to support our economy, even if it costs a bit more, rather than encouraging offshore companies that condone safety and human rights violations just to save a couple bucks on an inferior-quality product?

SUPPORT AMERICA. BUY HANDMADE. LOOK FOR "MADE IN USA" ON THE PRODUCTS YOU BUY.