Could you elaborate? People explained that we weren’t in a recession because the loosely defined definition of 2 consecutive quarters still had low unemployment.
Now GDP is positive again and unemployment is still low.
>>I mean it’s not like we didn’t beg people to discuss the economy in more detail.
We did, the problem is many of us reject Magical errr Modern Monetary Theory which is in large part what drives connecting the manipulated and inaccurate "unemployment" numbers (normally the U3) as an indicator of economic health which it is not in any way
I dont know what the Fed does, but Treasury Secretary Yellen often used the U3 Headline number on unemployment to handwave away people saying we were in recession
But she also doesn't look stupid, PhD in economics from Yale. Is she purposely misleading everybody then? but why? is she afraid to get fired from secretary of treasury job (after many decades of top gov jobs) for reporting accurate information? Honest question.
P.S. especially if we really are in a recession and no amount of misleading will be able to sweep this under the rug?
no, I did not commit that fallacy because I haven't made any claims whatsoever, just asking a few questions. As it happened, I don't even have any strong opinions on this, just curious.
To me, trying to cover up a (beginning) recession seems as stupid and useless as the National Weather Service lying about an incoming hurricane. Why would anyone do that, regardless of their agenda?
P.S. she's not running for office, so she's not under any immediate pressure to bullshit people. She has enough clout and experience to worry about legacy instead of engaging in such blatantly inefficient lying.
Hence the are we aren’t we, for many people around the world it very much feels as a recession, double digit inflation caused some of the sharpest drops in real wages, massive erosion of wealth off the markets even if you call it a correction it doesn’t make it easier, and overall there is a pretty darn big sense of economic stagnation going all around.
FOMO. A handful of CEOs start headcount reductions and others feel pressure to do the same, because eventually boards and shareholders ask those questions. So to 'calm the markets', an announcement with 10K jobs, is due.
17 comments
[ 3.1 ms ] story [ 50.5 ms ] threadNow GDP is positive again and unemployment is still low.
https://www.nasdaq.com/articles/u.s.-gdp-growth-unexpectedly...
I mean it’s not like we didn’t beg people to discuss the economy in more detail.
We could all learn something.
We did, the problem is many of us reject Magical errr Modern Monetary Theory which is in large part what drives connecting the manipulated and inaccurate "unemployment" numbers (normally the U3) as an indicator of economic health which it is not in any way
P.S. especially if we really are in a recession and no amount of misleading will be able to sweep this under the rug?
Appeal to authority Fallacy... I give 2 shits where someone went to university
>>Is she purposely misleading everybody then? but why?
yes, and politics.... They have the same idea as to why it was OK to lie during covid they feel the public is too stupid / panicky to know the truth.
To me, trying to cover up a (beginning) recession seems as stupid and useless as the National Weather Service lying about an incoming hurricane. Why would anyone do that, regardless of their agenda?
P.S. she's not running for office, so she's not under any immediate pressure to bullshit people. She has enough clout and experience to worry about legacy instead of engaging in such blatantly inefficient lying.
Another possibility is that people is being replaced by the new generation of bots.