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this post was submitted on 28 Dec 2023
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Uh no. The country is not booming just because production is up. The country is it's people, not it's corporations.
It's not that people just don't understand the terms. We don't agree that the economy should be described in a way that matters only to the country's wealthy. The working class is in a recession. They are exactly where they are whenever the wealthy say it's a recession. So for them it is very much a recession, no matter how much money the wealthy are making and no matter what official description the wealthy care to use.
If the people in charge insist on ignoring the working class then we'll simply have a repeat of the great depression thanks to a demand crisis. No matter what terms you care to use, we are in a cost of living crisis for half the country right now. When that gets ignored it spirals into a demand crisis, which triggers all the bad stuff at the same time. With half the country not buying things companies go under; banks stop lending as they have to deal with lost assets; then more people have trouble buying stuff because they got laid off and the cycle turns again. The only way out is the one thing that seems to be anathema to our dear leaders, giving money directly to the people so they can spend it.
And because it bears repeating, jobs numbers don't mean shit if you can't pay basic necessities without 2 or 3 of them.
Ummmm.
The literal definition of a recession is that production is down. I dunno where you're going with this, but maybe you can go choose a better word for whatever the heck you're trying to describe. Economists have words for a reason, and the chief reason among them is that production of goods is an important thing to track.
No it's okay. Really. We just won't make a word for a country with a "booming" economy that exploits it's workers so hard they have trouble buying food. That way we can just pretend it's not happening! Yay!