4 ms·

I remember when we were in a recession post 9/11 prices were dropping left and right, but right now prices continue to increase and people seem to be paying the

I remember when we were in a recession post 9/11 prices were dropping left and right, but right now prices continue to increase and people seem to be paying them. Can we really say that's a notable decline in economic activity?

tdb7893 2y ago
My experience is that prices are increasing in required goods (food, housing, healthcare, education) so some people can't decrease spending. I know a lot of people who have cut spending for non-essential things but it's just that the cost of essential things have increased to keep their spending constant
- yoyohello13 2y ago
  This is the reason for the disparity. Low income people will swear on their life that we are in a recession, because they literally can't buy as much food as they used to be able to. But Middle-class -> rich people just point to the stock market and tell them they are wrong. This is a great time to be wealthy. All that juicy human labor is ripe for the taking.
  - mechagodzilla 2y ago
    The word 'recession' means something though, and it's neutral on whether or not any particular humans have more income or cheaper goods. If you get a raise at work, it doesn't mean we're not in an economic recession as a country, and if you get fired or the price of gas goes up, it doesn't mean we are.
    - yoyohello13 2y ago
      Yeah I understand recession is a technical term. I'm just trying to explain why we keep hearing people say we are in a recession. Most people don't care what the term technically means. They just know their buying power is decreasing while wealthy people are doubling their net worth. People just want to be able to afford to live and affluent people keep pointing to the chart and saying it's not a problem, but it is a problem. We probably need a new name for it.
      - tdb7893 2y ago
        Someone I was talking to made up the term "targeted recession" to describe it as some communities are definitely experiencing negative growth while overall metrics seem positive.

tdb7893 2y ago

My experience is that prices are increasing in required goods (food, housing, healthcare, education) so some people can't decrease spending. I know a lot of people who have cut spending for non-essential things but it's just that the cost of essential things have increased to keep their spending constant

yoyohello13 2y ago
This is the reason for the disparity. Low income people will swear on their life that we are in a recession, because they literally can't buy as much food as they used to be able to. But Middle-class -> rich people just point to the stock market and tell them they are wrong. This is a great time to be wealthy. All that juicy human labor is ripe for the taking.
- mechagodzilla 2y ago
  The word 'recession' means something though, and it's neutral on whether or not any particular humans have more income or cheaper goods. If you get a raise at work, it doesn't mean we're not in an economic recession as a country, and if you get fired or the price of gas goes up, it doesn't mean we are.
  - yoyohello13 2y ago
    Yeah I understand recession is a technical term. I'm just trying to explain why we keep hearing people say we are in a recession. Most people don't care what the term technically means. They just know their buying power is decreasing while wealthy people are doubling their net worth. People just want to be able to afford to live and affluent people keep pointing to the chart and saying it's not a problem, but it is a problem. We probably need a new name for it.
    - tdb7893 2y ago
      Someone I was talking to made up the term "targeted recession" to describe it as some communities are definitely experiencing negative growth while overall metrics seem positive.