Politicians describe past recessions to suit their views. It comes in handy when they are running for office, when they need to paint a suitable economic picture.
In 2000, with actual unemployment about 4.0%, we were told by Democrats out of office, that we had the worst depression since the 1930s. We were in the midst of a booming economy.
In the mid 1970s, when President Reagan took office, we were experiencing a severe downturn. The fall in GDP was 4.9%. Compared to a drop of 18.2% in 1937-38. That truly was the worst economic cycle since the 1930s.
Incidentally, President Reagan never blamed the previous president, Jimmie Carter, for the job Reagan had, in making the prodigious economic recovery.(See the Earl J. Weinreb NewsHole® comments and @BusinesNewshole at Twitter.)
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