Depression is when you're out of work. A recession is when your neighbor's out of work. Recovery is when Carter's out of work.
About this quote
- What does it mean?
- Reagan defines economic terms based on personal impact rather than objective statistics.
- In plain terms
- You only care about the economy when it affects you directly.
- What can you take from it?
- Political rhetoric often personalizes abstract economic conditions.
Where it applies
Putting it to work
Questions to consider
- How do you define economic hardship?
- Does personal experience shape your view of the economy?
Another view
This view ignores broader societal impacts of economic shifts.
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