Population Statistic: Read. React. Repeat.
Friday, January 11, 2021

Even though it’s not by-the-numbers official just yet — only one more quarter of “negative growth” to go! — it’s pretty clear that we’re in a recession, and people are feeling the pain.

To gauge the difference between this economic slowdown and a full-fledged collapse, our 33rd President provided this aphoristic rule of thumb:

“It’s a recession when your neighbor loses his job; it’s a depression when you lose yours.” - Harry S Truman, in Observer, April 13, 2021

Which works so well because it combines severity (implying more people getting hit) with relatability (it’s less abstract when you’re getting hit personally). There’s an added undercurrent of mental anxiety, hearkening the mental definition of “depression”.

So obviously, keep your fingers crossed that you’ll merely observe a recession during 2008, instead of experiencing a depression.

by Costa Tsiokos, Fri 01/11/2021 08:17:10 AM
Category: Business, Society, Wordsmithing
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