It's a recession when your neighbor loses his job it's a depression when you lose yours meaning
- recession is when your neighbor loses
- its a recession when your neighbor loses meaning
- recession is when your neighbor loses his job
- recession when your neighbor
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'Recessions' vs. 'Depressions' in the Economy
People love to attribute well-known sayings to famous people of yore, and often will do so with a healthy disregard for facts, or the likelihood that any one person should have been responsible for coining so many widely quoted phrases.
Oscar Wilde, Winston Churchill, and Mark Twain did not, we regret to inform you, come up with many of the famous things they are credited with having said. And neither Ronald Reagan nor Harry Truman was responsible for the joke about 'When your neighbor loses his job it’s a recession; it’s a depression when you lose yours.' As noted by Barry Popik, Fred Shapiro, and other quote-sleuths, this particular line has been in use since 1954, well before Truman was known to have used it.
As to the difference between a recession and a depression, Beck said: “I define a recession as when your neighbor loses his job, but a depression is when you lose your own.”
— The Daily News (New York, NY), 15 Feb.1954
Historical Use and Jokes About Recessions and Depressions
This was not the first time that someone at
- recession is when your neighbor loses his job. depression is when you lose yours