I think predicting a recession at this point is a bit off. We've been saying it for like four years, and instead of a big whole-economy meltdown, we've had all kinds of weird, contradictory, sequential ups and downs. Obviously capitalism's tendency towards crisis isn't going away, but the second-biggest economic player globally is smart, centralized, and stable. China's ability to whether crises without them spiraling out into a broader economic issue has ripple effects on the global economy that lend the entire system a weird sort of stability.
Like, COVID didn't trigger a recession. What will now? Plenty of people say we're currently in a recession based on economic growth/contraction, but little else in the economy responds to what we'd expect to see in a recession. Shit's weird.
The stars have aligned for the perfect crash and it has had me super anxious lately. I'd been considering getting on disability but like... at this point, I'm just going to try to hold onto the job I hate because at least it's stable and provides good health insurance. Fuck.
:RIchard-D-Wolff: argues both covid and right now are recessions. thing is not every 'crash' or 'bust' necessarily lasts years or cripples industry. by all accounts the level of unemployment from covid and the other disruptions constituted a crash, during which suffering was mitigated with enormous gov't spending, so it didn't last as long as it could've.
I think predicting a recession at this point is a bit off. We've been saying it for like four years, and instead of a big whole-economy meltdown, we've had all kinds of weird, contradictory, sequential ups and downs. Obviously capitalism's tendency towards crisis isn't going away, but the second-biggest economic player globally is smart, centralized, and stable. China's ability to whether crises without them spiraling out into a broader economic issue has ripple effects on the global economy that lend the entire system a weird sort of stability.
Like, COVID didn't trigger a recession. What will now? Plenty of people say we're currently in a recession based on economic growth/contraction, but little else in the economy responds to what we'd expect to see in a recession. Shit's weird.
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The stars have aligned for the perfect crash and it has had me super anxious lately. I'd been considering getting on disability but like... at this point, I'm just going to try to hold onto the job I hate because at least it's stable and provides good health insurance. Fuck.
:RIchard-D-Wolff: argues both covid and right now are recessions. thing is not every 'crash' or 'bust' necessarily lasts years or cripples industry. by all accounts the level of unemployment from covid and the other disruptions constituted a crash, during which suffering was mitigated with enormous gov't spending, so it didn't last as long as it could've.