Biden: "It's a depression for millions and millions of Americans"

(CBS News) Referring to the unemployment rate, Vice President Joe Biden in a campaign speech Wednesday said "it's a depression for millions and millions of Americans."

Visiting Dubuque, Iowa, Biden repeated one of his usual anecdotes, but stressed a point that doesn't necessarily speak well to the Obama administration's economic achievements.

"My grandpa used to say - he's from Scranton - he'd say, 'Joey, when the guy in Dunmore - the next town over - when the guy in Dunmore's outta work it's an economic slowdown," he said. "When your brother-in-law's out of work, it's a recession. When you're out of work, it's a depression.'

"It's a depression for millions and millions of Americans," the vice president continued. "It's a depression."

Rodney Hawkins contributed to this report.