Ronald Reagan: “A recession is when your neighbor's out of work, and a depression is…”

On the recordMarch 20, 1984

A recession is when your neighbor's out of work, and a depression is when you're out of work.

Said by

Republican · California

Source

Remarks to the House Republican Caucus on the Budget Deficit

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Ronald Reagan: “A recession is when your neighbor's out of work, and a depression is when you're out of work.”