Economist Paul Krugman had bad news for liberals Netroots Nation on Saturday. During his keynote speech the New York Times columnist admitted that the United States economy was suffering a depression.
"We don't have a formal definition, I'd say that a Depression is when things are down, when things are terrible for an extended period of time," Krugman said, reminding them that were even "official" periods of recovery during the Great Depression.
"So it is again today," he said.
"It's not as bad as the Great Depression - there's a winning slogan," he added cynically. "Not as bad as the Great Depression, but it's incredibly awful."
Krugman told attendees of the conference did not personally know people who were suffering, they must be living in a "rarefied enviroment" or "maybe a member of the Romney clan."