Dangers of the D Word

Eduardo Porter focuses on the idea of an economic depression in his editorial piece in yesterday's NYT. He says that a depression is more of a historical term than an economic one since they "have no clear-cut contemporary definition". The term "recession" sounds nicer and doesn't take people on a trip down memory lane to recall high unemployment rates and unpaid bills (even though that is what's going on now). Regardless of what term we use, the need for economic help is still needed more than ever now.