What is even being counted here? In my lifetime, there was the 1987 savings and loan crisis, a downturn in the early 90s, the 2000 dot com bubble, and the 2008 “great recession.” Except 2008, each of these was relatively minor and followed by a long period of growth. (This comment does not adress how the Dow Jones Industrial Average does not represent the real economy)
That’s not a recession (yet) because the billionaires are making more money than ever and propping up the GDP. That means on average people are doing just fine!
COVID was just a blip on the stock market, it was a huge drop then a quick recovery. I don’t think it even technically qualified as a recession. As for today, the DJIA is not very far off the all-time high as of yesterday
It accelerated inflation and had an outsized impact in certain sectors. Restaurants, tourism, and basically all in person business were pushed to the breaking point, and many businesses didn’t survive. There were supply chain issues that rippled for years, social changes with long term knock on effects, and over a million people were permanently taken out of the economy in the US alone.
Moreover, because oligarchic capture of wealth was so advanced, many traditional economic indicators didn’t reflect people’s actual material conditions. The popular economic wisdom overestimated the health of the economy, hurting the incumbent party and allowing fascists to retake the power they lost to the very same event. If Trump won his first reelection, not only would he have done less damage than he’s currently doing, he probably would’ve stepped down in 2024 and allowed us to move on from this era sooner.
There wasn’t a typical recession thanks to government intervention. However, it was a once in a lifetime economic event in the sense that it was a new experience for most people. I know literally everyone tries to forget about it and downplay the effect it had, but I’ve always thought that was foolish.
What is even being counted here? In my lifetime, there was the 1987 savings and loan crisis, a downturn in the early 90s, the 2000 dot com bubble, and the 2008 “great recession.” Except 2008, each of these was relatively minor and followed by a long period of growth. (This comment does not adress how the Dow Jones Industrial Average does not represent the real economy)
Don’t forget COVID and whatever the fuck is going on right now ☝️
That’s not a recession (yet) because the billionaires are making more money than ever and propping up the GDP. That means on average people are doing just fine!
COVID was just a blip on the stock market, it was a huge drop then a quick recovery. I don’t think it even technically qualified as a recession. As for today, the DJIA is not very far off the all-time high as of yesterday
stock market, sure. But in real life covid remains quite noticable, with so many businesses (especially smaller local ones) dying.
It accelerated inflation and had an outsized impact in certain sectors. Restaurants, tourism, and basically all in person business were pushed to the breaking point, and many businesses didn’t survive. There were supply chain issues that rippled for years, social changes with long term knock on effects, and over a million people were permanently taken out of the economy in the US alone.
Moreover, because oligarchic capture of wealth was so advanced, many traditional economic indicators didn’t reflect people’s actual material conditions. The popular economic wisdom overestimated the health of the economy, hurting the incumbent party and allowing fascists to retake the power they lost to the very same event. If Trump won his first reelection, not only would he have done less damage than he’s currently doing, he probably would’ve stepped down in 2024 and allowed us to move on from this era sooner.
There wasn’t a typical recession thanks to government intervention. However, it was a once in a lifetime economic event in the sense that it was a new experience for most people. I know literally everyone tries to forget about it and downplay the effect it had, but I’ve always thought that was foolish.