Robert Reich was Secretary of Labor under Bill Clinton, and is an economics professor at U.C. Berkeley.
Reich has every incentive to paint a rosy picture of the economy, because:
- Committed Democrats want Obama to succeed in turning the economy around, and worry that “gloomy talk” about the economy could make that difficult
- The Labor Department has traditionally used a reduced unemployment figure (called “U-3”) to hide the extent of job losses
So it is news that Reich, citing the real unemployment numbers (called “U-6”) says we’re already in a depression:
This is still not the Great Depression of the 1930s, but it is a Depression.