Flashback - Reagan: ‘Recession Is When Your Neighbor Loses His Job, Depression Is When You Lose Yours, and Recovery Is When Jimmy Carter Loses His’

TRANSCRIPT:

REAGAN: "The President promised that he would not increase taxes for the low and middle-income people, the workers of America. Then he imposed on American families the largest single tax increase in our nation's history. His answer to all this misery? He tries to tell us that we're 'only' in a recession, not a depression, as if definitions, words, relieve our suffering. Let it show on the record that when the American people cried out for economic help, Jimmy Carter took refuge behind a dictionary. Well if it’s a definition — if it's a definition he wants, I’ll give him one.  A recession is when your neighbor loses his job.  A depression is when you lose yours. And recovery is when Jimmy Carter loses his."