Rep. Waxman: US in a ‘Depression’

Monday, 02 Jul 2012 04:57 PM

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California Rep. Henry Waxman says that the U.S. is in a “depression.”

“The economy has not recovered,” the Democratic congressman said in a C-SPAN interview on Friday. “Some people call it a recession. I think it’s a depression.”

Waxman, who is in his 19th term and is a ranking member of the House Energy and Commerce Committee, made the statement in discussing the “terrible economy” that President Barack Obama “inherited” when he took office in 2009.

“We were hemorrhaging jobs in 2008 when he was elected, so by the time he took office in 2009, we had over 10 percent unemployment,” Waxman said. “We had the banks frozen. They couldn’t deal with their assets.”

Waxman’s remarks followed Vice President Joe Biden’s from last week, in which he stated that millions of Americans are living in a depression.

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