George Washington of Washington’s Blog.
Joe Biden said yesterday:
My grandpop used to say … “When the guy in Minooka’s out of work, it’s an economic slowdown. When your brother- in-law’s out of work, it’s a recession. When you’re out of work, it’s a depression.”
[Asked how he views it, Biden responded:] Well, it’s a depression. It’s a depression for millions of Americans, through no fault of their own.
Before you decide whether Joe is just shooting his mouth off or he’s onto something, read this, this and this.
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what point is there in having different terms for different economic conditions, if they are just going to mean whatever Joe wants them to mean at any given time?