|Depression or Recession?|
"Get Back to Me. . ."
In the above clip, Waxman claims that the United States is currently enduring a Depression.
Then at about 20 minutes in the interview, he then claims that the economy is heading for a recession.
(Starting at 20 minutes)
For starters, let us qualify that a depression and a recession are indeed two different things:
Recession: Many define recession as two or more quarters of reduced Gross Domestic Product (GDP).
Depression: If a recession continues for a long time, the economy moves into an economic depression.
Political Reporter Terry Moran on ABC's "This Week" reported the following this morning (July 8):
MORAN: And let's -- let's not mince words. The economy stinks. Let's take a look at the trend. This is not just a one-month blip. Look at these numbers. There is the first part of the year. The second quarter, 80,000, 77,000, 68,000. That's the worst quarter of job creation in two years.
The economy is generating jobs, but fewer and fewer over a period of time, and the President had claimed that unemployment would never climb higher than 8% -- it currently hovers at 8.2%, without counting the other 10% who have given up looking for work altogether.
In the above embedded C-Span interview, Mr. Waxman describes the economy as suffering through a depression, then claims that the Lame Duck Congress following the November 6 general election must tackle tax and spending cuts, or the country will slip into another "recession".
Recession or Depression, Henry? What's going on? You are playing fast and loose with the obvious.
We are watching you Henry. We expect much more from our representatives. You do not pass muster.
A Congressman who cannot even tell the difference between a Depression and Recession has no business staying in office for one more term!