There has been much discussion in the past few years about the question of whether the economic situation in the USA would be best described as a recession or a depression.
It is serious according to the government with only 63 percent of our potential work force employed. Yes, the 8 or 9 percent we hear about is a heavily adjusted calculation.
We can best borrow from Ronald Reagan to answer the question: A recession is when your neighbor loses his job. A depression is when you lose yours. And recovery is when Obama loses his.
Ed Calkins
Kelseyville
Originally Published:
