Its only a depression or recession to the ones who lost their jobs. All the others pay no attention.
People who still have their jobs are watching their buying power shrink as well; the “non-existent” inflation gets them, too. They’re also often having some of the workloads of their laid-off co-workers dumped on them as well; articles have been written about the effects of surviving layoffs in this economy.
Few people can ignore this, even if they wanted to.