Vice President Joe Biden says the U.S. is in a depression, contradicting the view of virtually all economists, not to mention his own previous statements.
"My grandpop used to say: There was a suburb of Scranton called Minooka," Biden explained in a speech.
"He said, When the guy in Minooka's out of work, it's an economic slowdown. When your brother- in-law's out of work, it's a recession. When you're out of work, it's a depression.'"
So how does Biden view it? "Well, it's a depression. It's a depression for millions of Americans, through no fault of their own," he said.
