Wonkbook: April’s jobs numbers look weak The Washington Post • May 7, 2012

But some of it is just an economy that remains weak. On Wednesday, at an event at the Economic Policy Institute, Paul Krugman explained why, in his new book, he calls the current moment “a depression. ” “A recession,” Krugman said, “is when the economy is going down. A depression is when it stays down for a long period of time. Remember that the Great Depression included two separate recessions and recoveries.”