So what is your definition of a recession or a depression? This guy stands what you've been lead to think on its head, and his argument makes sense if you ask me.
This happens over and over when it comes to anything related to economics. We've been told to think that economics is boring and complicated, and that we should shun even thinking about it, leave it to those clever experts. Why? So that we don't question the inverted logic that is applied to spin things in someone else's favour. Think about money? Me? Eurgh! How crass! And boring too; go away little boring crass person.
Now all you have to do is to survive financially, and you will enjoy a steadily better quality of life, while the financial geniuses have to get by on less. Boo hoo. If you can keep a job, your wages will probably not come down as far as the prices of things you want to buy will. Surviving is unfortunately a tough ask for most in today's debt money world though.