It's a recession when your neighbor loses his job; it's a depression when you lose yours.
PoliticsWorkLifeSocietyTimeDefinitionEconomicsExperienceJobsMoney
About this quote
- What does it mean?
- Economic terms are defined by personal experience rather than abstract metrics.
- In plain terms
- You know it is a depression when you lose your job.
- What can you take from it?
- Personal experience often defines economic reality better than data.
Where it applies
Putting it to work
Questions to consider
- How does your job affect your view of the economy?
- Is a recession real if you are not affected?
Another view
Macro metrics are needed to fix systemic issues even if personal experience differs.
More from Harry S. Truman
Intense feeling too often obscures the truth.
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