Depression? Is That The Word For This Economy?

In the liberal New Republic, Richard A. Posner writes that we are now actually in a depression, not a recession.
Here's an excerpt:

If the notion that we are merely living through the aftereffects of a mere “recession” that ended in 2009 sounds somewhat ridiculous, that’s because it is. If we were being honest with ourselves, we would call this a depression. That would certainly better convey both the severity of our problems, and the fact that those problems have no evident solutions.

And another:

Half the adult population, moreover, pays no income tax. Everyone with an income should pay income tax equal to a modest percentage of his income.

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