Quote by Harry S Truman
It's a recession when your neighbor loses his job; it's a depression when you lose your own.
Summary
This quote highlights the personal impact of economic downturns. It suggests that a recession, a period of economic decline, may not seem severe when it only affects others. However, it becomes a depression, a state of severe economic contraction, when it directly affects an individual. The quote emphasizes the emotional and financial distress caused by losing one's job. It underscores the differing perspectives and urgency in perceiving economic hardships, illustrating the significance of personal experiences in determining the severity of economic crises.
Topics
Future
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