this post was submitted on 16 Aug 2023
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Housing is the thing most exploding in cost.
About half the population already owns a home so they're immune to this problem.
The other half is just moving to shittier and shittier conditions and living with roommates and family members.
Plus this is a very regional problem. Housing in shithole flyover places is still somewhat affordable.
If everything went up five times in price over the last 20 years then it might be a better argument for saying we're in a depression.
Don't forget, many of those people won't be alive much longer, and many of their houses will not be passed on to family, but sold off to pay off debts owed by their estates, and will end up as more overpriced rental properties.
Shy depression.
No, we wouldn't be, Mr. Negative Karma Throwaway. A recession is two consecutive quarters of negative GDP growth. The US had exactly two in Q1 2022 and Q2 2022 before going back to positive growth. The US had a much larger recession in Q1 and Q2 2020 before a big recovery in Q3 2020. https://www.statista.com/statistics/188185/percent-change-from-preceding-period-in-real-gdp-in-the-us/
You still care about karma?
Source?
They are talking about the Biden admin stating that a recession is more complex than the simple definition, so therefore they weren't in a true one.
Interesting, thanks for the link - at the very least, things are trending upwards so fingers crossed we are through the worst of it for the time being. Which is probably 8-10 years, it is cyclical.
This is aimed at the person i originally responded to. General thoughts about about political agendas couched in loaded language below. Nothing is apolitical, and everyone has an agenda. The key is to figure out what it is.
"Worst recession since 2008" is one of those phrases that sounds almost like the economy is just as bad as 2008, but actually doesn't mean much of anything.
For demonstrative purposes I'll use some arbitrary numbers here.
If we rated the 2008 recession at an 10/10 on the badness scale, rated any recession between 2009-2022 as a 2/10 at the most, and rated the current recession we're in at say, a 4 - I could say that this is the worst recession since 2008, and it would not be untruthful.
Language is deceptive.
http://archive.today/ZvUo9
Please retake Economics 101.