A top Democratic congressman, Rep. Henry Waxman, ranking member of the House Energy and Commerce Committee, says that we're living through a "depression":

“The economy has not recovered," says Waxman on C-SPAN. "Some people call it a recession, I think it’s a depression.”

Waxman's remarks follow-up on Vice President Joe Biden's from last week, in which he stated that millions are living in a depression.

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