Quote by Ronald Reagan
Recession is when a neighbor loses his job. Depression is when you lose yours.
Summary
This quote speaks to the severity and personal impact of economic downturns. It suggests that a recession, characterized by general economic decline, becomes more personal and distressing when it directly affects someone we know. On the other hand, a depression represents an even deeper economic crisis, resulting in widespread job losses, including one's own. The quote serves as a reminder that economic hardships are felt most intensely when they become directly personal and affect our own livelihoods.
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