Quote by Ronald Reagan
Recession is when your neighbor loses his job. Depression is when you lose yours. And recovery is when Jimmy Carter loses his.
Summary
This quote humorously depicts how severe economic downturns are perceived differently based on personal experiences and political leanings. Recession, though unfortunate, seems less impactful when only observing someone else's hardship. However, the situation becomes more serious when individuals directly lose their jobs, referred to as a depression. The notion of recovery, sarcastically tied to former President Jimmy Carter's failing popularity, implies that economic improvement is often associated with political change. Overall, the quote highlights the varying degrees of concern and skepticism towards economic crises, depending on the proximity of their consequences and political beliefs.
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