Most definitely depression! I think anxiety is partially the result of things that we once feared or should fear. When I have had panic attacks--I slowly learned that I was flashing back emotionally to things that were either truly scary or still felt truly scary because I had not dealt with it (for all kinds of reasons). Some people can learn to use anxiety to work for them (it keeps you alert, motivates you, etc.) but anxiety and depression together can just be a straightjacket or make you act irrationally. I do understand that some people may have anxiety so extreme that it could be worse than depression--but for me, if I am not depressed, sometimes my anxiety helps me accomplish good things--the adrenaline from it has helped me do better on school tests and pushes me to work faster and harder......