July 23, 2008

ROBERT SAMUELSON: “The specter of depression stalks America. You hear the word repeatedly. Are we in a depression? If not, are we headed for one? The answer to the first question is no; the answer to the second is ‘almost certainly not.’ The use of ‘depression’ to describe the economy is a case of rhetorical overkill that speaks volumes about today’s widespread pessimism and anxiety. A short history lesson shows why.”

Under an Obama Presidency, by contrast, the use of the word “depression” will be forbidden.

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