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How do you feel like it’s a recession? And why do you think most people feel that way?
Obviously, recessions don’t happen based on anecdotal information, but that doesn’t mean it can’t feel that way to some individuals.
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Sure, but that’s not what recession means.
Another proof that economists are not disinterested and instead work for the banks.
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I get what you’re talking about, but you can’t just make up your own definitions based on anecdotal evidence.
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I agree that those things are hard if you’re not already a homeowner or you need to buy a new car, but those things don’t constitute a recession.
Unemployment is at the lowest rate for 30 years and wages are rising… that’s actually part of what’s driving inflation. Annualized growth this year is expected to hit an astonishing 6%. In July new orders for manufacturing hit their highest level in 9 months. Construction is doing well and consumer spending is way up. Nothing points even remotely to a recession.
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Wages are up more than the inflation is
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That’s cherry-picking because I could just as easily say “fuel costs are down, so it’s good for the average person”
You don’t just spend all of your income on housing. To be more accurate, you would need to track the average expenses and if they go up or down. Which is called… the CPI
How is the workforce participation rate doing? You know, the only number that matters.
Using the stock market to measure a recession has to account for continually rising rates at which money is rented. If you can see pretty massive cases of consumer level inflation while businesses struggle, you already have a hole money is leaving.
Watching the evergrande saga unwind over the course of years should give an idea to the extent of run time it will take to see results, especially when it is in the interest of investors to prop up value.
https://tradingeconomics.com/united-states/wage-growth
Wages up more than 5% annually
Inflation 3.2% annually, 4.8% when not counting food and energy
Sorry, the economy is good for the worker and not in any recession
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That’s part of CPI. Housing is like one third of it. The only time wages were higher vs. the inflation was during the pandemic, and that’s not a fair comparison since a lot of people lost their jobs so the average wage was affected
The average person now is much better off than in 2019 and it’s not even close
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They’re wealthy enough to be able to absorb the increased cost without noticing while going “ACK-shually” to anyone who isn’t wealthy enough to aborsb the cost increase without noticing. Arm chair economists are fucking cancer.
You are both arguing from an anecdotal pov and he has data to back up his argument.
Someone is winning and it ain’t you.
Oh yeah, I’m sure clown is technically correct about the term and definition of recession. The people losing are definitely the people who are being priced out of groceries and homes. Acting like everything is fine and the economy is great is pretty fucking tone deaf.
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Not an argument
Only poor people are feeling it and the cash value of what they own is too small to make a difference in the larger picture.
Funny how recessions only exist under capitalism.
Let me introduce you to Venezuela.
Still capitalist.
Gross domestic product is expected to grow 8.3% this year, from 1.9% in 2021, according to a Bloomberg survey of five economists. The country is getting a lift from a rise in oil production and seeing tax revenue and banking credit expand, which suggests domestic demand is rising.
Time to get a new talking point.
I know people from Venezuela.
Their economy was in a castastrophic nosedive for decades, the misery was beyond words.
Yeah, I’ve read it was really horrific. It’s still bad there, but it seems to be getting better.
Ok boomer.
Nice 👍
