Dem Rep.: "Some People Call It A Recession, I Think It’s A Depression"

"The president inherited a terrible economy. We were hemorrhaging jobs in 2008 when he got elected so that by the time he took office in 2009 we had over 10 percent unemployment," Rep. Henry Waxman (D-Cali.) said on C-SPAN's "Newsmakers" program that was aired over the weekend. "The economy has not recovered. Some people call it a recession, I think it's a depression," Rep. Waxman added.