Do note that he didn't say this was the worst recession ever; he said the economy was intolerable.

Previous recessions were tolerable, as evidenced by the fact that they were tolerated. Even the 1970s stagflation was tolerable. The economy is not currently intolerable, as we are currently tolerating it: QED. The Great Depression, I can see as 'intolerable.'

'The economy currently sucks' is a justifiable, if debatable, statement. 'The economy is currently intolerable and has been for years' is unadulterated balderdash.