George H.W. Bush: “Well, what's another one? Another definition is, if you're out of work it's a depression, not a recession. So that is…”

“Well, what's another one? Another definition is, if you're out of work it's a depression, not a recession. So that is the technical definition. We have had five straight quarters of economic growth. And that's what I was referring to. I'm not trying to say people aren't hurting. We've had 3 straight months of national unemployment going down. Today, we had the lowest unemployment claims announced in the last couple of years. So there are some encouraging signs. Interest rates are down. If you're a saver, you're not getting wiped out by inflation. If you're borrowing money, had a home mortgage, you can refinance it and save a pretty good chunk of change. The last time the Democrats had the White House and the Congress, interest rates were 21.5 percent.”