185

Everyone expected a recession. The Fed and White House found a way out. (wapo.st)

submitted 1 year ago by silence7@slrpnk.net to c/politics@lemmy.world

101 comments fedilink hide all child comments

The economy’s strength and stability — defying many of the most optimistic predictions — represents a remarkable development after seemingly endless crises

As 2023 winds to a close, Powell and his colleagues are far from declaring victory on inflation. They routinely caution that their actions could be thwarted by any number of threats, from war in the Middle East to China’s economic slowdown. Americans are upset about high costs for rent, groceries and other basics, which aren’t going back to pre-pandemic levels. The White House, too, is quick to emphasize that much work remains.

Yet the economy is ending the year in a remarkably better position than almost anyone on Wall Street or in mainstream economics predicted, having bested just about all expectations time and again. Inflation has dropped to 3.1 percent, from a peak of 9.1. The unemployment rate is at a hot 3.7 percent, and the economy grew at a healthy clip in the most recent quarter. The Fed is probably finished hiking interest rates and is eyeing cuts next year. Financial markets are at or near all-time highs, and the S&P 500 could hit a new record this week, too.

you are viewing a single comment's thread
view the rest of the comments

[-] assassin_aragorn@lemmy.world 4 points 1 year ago

This is the kind of shit champagne socialists say as they sit back at brunch. Do you have any idea not only how many casualties this would cause, but how badly it would set us back from evolving past capitalism?

How will the people surviving paycheck to paycheck, barely getting enough food on the table, going to survive? An economic collapse means food logistics cease to exist. You can't just go to the grocery store. What will everyday people eat? What will they drink when they run out of the chemicals needed for clean water?

Not to mention, the collapse would mean all logistics and supply chains stop working. You need a medicine by tomorrow afternoon or you'll begin to die? Whoops, we have no idea when that's coming in. Everyone who relies on medication to live will die. Even more who rely on it for quality of life will severely suffer. You'll have brilliant minds that are incapable of helping design a more equitable system because they're anxious wrecks. Any new injuries would probably be a death sentence.

Do you understand what this would mean? An economic collapse would be a massacre of the working class and anyone needing consistent healthcare. You need bright minds to develop a better system than capitalism. They'll all be dead or held captive by their own bodies.

this post was submitted on 18 Dec 2023

185 points (92.2% liked)

politics

19240 readers

1510 users here now

Welcome to the discussion of US Politics!

Rules:

Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.

Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.

Example:

Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.

That's all the rules!

Civic Links

• Register To Vote

• Citizenship Resource Center

• Congressional Awards Program

• Federal Government Agencies

• Library of Congress Legislative Resources

• The White House

• U.S. House of Representatives

• U.S. Senate

Partnered Communities:

• News