The economic pundit's euphemism for "Depression"

Emptywheel points out that the economic pundits have taken to describing our current economic conditions as being "The worst since World War II."

That's really a pundits' euphemism for "We're in the beginnings of a Depression!" isn't it?

The fact that they know how bad things are getting, and still have to use a euphemism for Depression, is almost as scary as the economic conditions themselves.