Saturday, August 17, 2019

Economists' Increasing Worries about a Recession

Economists are starting to get pretty worried that the economy is heading for a recession. Paul Krugman does a good job of explaining why.

More

Comments

trumponomics is a failure

Can America get its medal back. That Laffer guy is a con man

#1 | Posted by ChiefTutMoses at 2019-08-16 05:58 PM

Let's say you were born in 1974 and are 45 years old today. You were 14 when George H.W. Bush was elected to office and during your teenage years, those when political understandings first form and begin to harden, the economy fell into recession, the deficit exploded, an era of deep military engagement in the Middle East began.

The two Democratic presidents in your lifetime (Clinton, Obama) produced long economic booms, vast improvements in healthcare, and global cooperation and respect, while the three Republican presidents brought recession, rising deficits, disastrous adventurism abroad, and well, Trump. Furthermore, if you are under 45, your life has been shaped by the rise of a truly global economy, an interconnected world enabled by the Internet, a far more diverse population here at home, and important steps towards greater equality for all. This is the world you know " and it is almost as if Trump and the current GOP have risen to roll back and reject all that you understand America to be.

Not surprisingly, all of this has led to what is becoming a truly consequential divide in American politics " voters under 45 have become overwhelmingly Democratic.

And why do Republicans continue to be given the controls of the federal government over and over again when their track record is an abysmal failure? Their reliance on the very identity politics they claim the Democrats foist on this nation. If it weren't for creating a collection of others and reliance on wedge issues to scapegoat for their own abject incompetence and inability to successfully navigate from the helm, the modern day GOP would have already gone the way of the 19th Century Know Nothings. Make no mistake, there will always be both a need and a place for conservatives in our diverse society, it's just that this nation deserves far better stewardship than this iteration has ever been able to provide as they let the tax cut tail wag the fiscal dog time and time again, while the majority of Americans end up with little more than endless bags full of the wealthy's ----.

#2 | Posted by tonyroma at 2019-08-16 06:06 PM

LOL

#3 | Posted by AndreaMackris at 2019-08-16 06:13 PM

Oh, but they do work.
They call it hurting the people who need to get hurt.

#4 | Posted by snoofy at 2019-08-16 07:02 PM

Who's 'they', Snoofy?

Do you have a link to 'them' saying that?

#5 | Posted by SheepleSchism at 2019-08-16 09:52 PM

they = GOP Economic Policies.

#6 | Posted by snoofy at 2019-08-16 09:53 PM

They call it hurting the people who need to get hurt.
#4 | POSTED BY SNOOFY

Link.

#7 | Posted by SheepleSchism at 2019-08-16 10:08 PM

"He's not hurting the people he needs to be": a Trump voter says the quiet part out loud
A Trump voter hurt by the shutdown reveals the real reason the president attracts hardcore supporters.
www.vox.com

#8 | Posted by snoofy at 2019-08-16 10:10 PM

LOL. One guy says something and that gets pinned to an entire party?

You're a dishonest broker.

#9 | Posted by SheepleSchism at 2019-08-16 10:16 PM

"One guy says something and that gets pinned to an entire party?"

Try reading the article.

"Trump's political victory and continuing appeal depend on a brand of politics that marginalizes and targets groups disliked by his supporters."

Now reflect on how you feel about illegal immigrants.

#10 | Posted by snoofy at 2019-08-16 10:44 PM

"They call it..."

Who is 'they'?

"GOP Economic Policies"

Do you have a link to 'them' saying that?

"...Minton told Mazzei...."

You've stretched and exaggerated a cherry-picked quote from one nobody onto an entire party.

You have a knack for manufacturing towering glass skyscrapers from a grain of sand. You're a dishonest broker.

#11 | Posted by SheepleSchism at 2019-08-16 11:13 PM

LOL

#3 | Posted by AndreaMackris

The only thing LOL is your posts.

A chance to show your economic prowess and you bitch out.

#12 | Posted by jpw at 2019-08-17 12:47 AM

Yay, we'll take it if it gets rid of Trump!!!

-The Left

#13 | Posted by Rightocenter at 2019-08-17 01:43 PM

I hope we have a recession if it means getting rid of Trump.

Working and middle-class Americans ARE ALREADY struggling ...

Why the middle class can't afford life in America anymore

nypost.com

In her book ["Squeezed: Why Our Families Can't Afford America"], author Alissa Quart lays out how America's middle class is being wiped out by the cost of living far outpacing salaries while a slew of traditionally secure professions " like teaching " can no longer guarantee a stable enough income to clothe and feed a family.

"Middle-class life is now 30 percent more expensive than it was 20 years ago," Quart writes, citing the costs of housing, education, health care and child care in particular. "In some cases the cost of daily life over the last 20 years has doubled."

In one of her book's many striking findings, Quart writes that according to a Pew study, "Before the 2008 crash, only one-quarter of Americans viewed themselves as lower class or lower-middle class. No longer. After the recession of 2008 ... a full 40 percent of Americans viewed themselves as being at the bottom of the pyramid."

One of the book's main messages, therefore, is that people finding it impossible to make ends meet shouldn't blame themselves. It's the system, she says, that's broken.

"The main problem is a basic lack of a 21st century safety net for families," Quart tells The Post, offering the cost of day care as just one example.


Who would be hurt the most in a recession? Well, again, working and middle-class Americans ARE ALREADY HURTING.

A recession? Bring it on.

#14 | Posted by PinchALoaf at 2019-08-17 01:47 PM

I don't want a recession, it would hurt too many families and none of the 1%. I want to win elections in 2020 and reverse Republican Trickle Down economic policies and repeal Taft Hartley. Rebuild the middle class of America and let the 1% pay for it.

#15 | Posted by danni at 2019-08-17 02:13 PM

Sicko Bill Maher I was hoping for one show Trump would not get elected. and people still like him even though he was willing to throw them under the bus for one man.

#16 | Posted by goatman at 2019-08-17 02:29 PM

And why do Republicans continue to be given the controls of the federal government over and over again when their track record is an abysmal failure?
#2 | POSTED BY TONYROMA

Obviously a majority of the electorate disagrees with that self-righteous assessment.

Given the dwarfs lined up against Trump, you people are stuck with Trump until 2024.

Bunch of crybabies.

#17 | Posted by Ray at 2019-08-17 02:31 PM

I don't want a recession, it would hurt too many families and none of the 1%.

#15 | POSTED BYDANNI

To quote the NY Post link in post # 13...

"Middle-class life is now 30 percent more expensive than it was 20 years ago," Quart writes, citing the costs of housing, education, health care and child care in particular.

"In some cases the cost of daily life over the last 20 years has doubled."


People are hurting already, and have been hurting for a long time.

Trump is not the cause but the result of the symptoms causing pain for working and middle-class Americans.

The 2016 election wasn't a left-right election, it was a bottom-up election with those at the bottom desperately trying to find someone who'll address their problems.

You want to hurt the 1%? Let people like Jimmy Dore be your guide ... drudge.com

#18 | Posted by PinchALoaf at 2019-08-17 02:33 PM

#18 | POSTED BY PINCHALOAF AT 2019-08-17 02:33 PM | FLAG: There are always some people who are 'hurting' in even the best economy, and that is why your govt 'safety' nets exist.

#19 | Posted by MSgt at 2019-08-17 02:37 PM

Yay, we'll take it if it gets rid of Trump!!!

-The Left

#13 | POSTED BY RIGHTOCENTER

As usual you get it dead wrong.

It should read

Told you so.

-the left

#20 | Posted by jpw at 2019-08-17 02:47 PM

"There are always some people who are 'hurting' in even the best economy, and that is why your govt 'safety' nets exist."

In the Great Recession millions lost their jobs and many states reduced unemployment benefits they depended on. We have no safety net, we should have one but we don't have a real one.

#21 | Posted by danni at 2019-08-17 02:48 PM

In the Great Recession millions lost their jobs and many states reduced unemployment benefits they depended on.
#21 | POSTED BY DANNI

The last time I checked, most states are going broke.
Government pensions have a higher priority.

#22 | Posted by Ray at 2019-08-17 02:54 PM

Obviously a majority of the electorate disagrees with that self-righteous assessment.

A majority? Trump lost the popular vote by over 3,000,000 votes. The Republican "majority" in the Senate represents 15,000,000 fewer voters than the Democratic "minority."

I realize we live in a rigged country where land matters more than people, but please don't talk about "majorities" until you've done your homework.

#23 | Posted by JOE at 2019-08-17 03:02 PM

#23 | POSTED BY JOE

Sorry Joe. Only electoral votes count. Them's the rules.

#24 | Posted by Ray at 2019-08-17 03:07 PM

You said "a majority of the electorate" though. I know how the system works and even acknowledged that in my post; that doesn't make your post any less stupid.

#25 | Posted by JOE at 2019-08-17 03:13 PM

"a majority of the electorate" implies electoral votes.

I don't get what's stupid about a noncontroversial fact?

#26 | Posted by Ray at 2019-08-17 03:19 PM

"a majority of the electorate" implies electoral votes.

No, it really doesn't. The term "electorate" means "All the people in a country or area who are entitled to vote in an election." Therefore, when you say "a majority of the electorate," you are saying "a majority of eligible voters." The electorate has nothing to do with our system of electoral votes.

#27 | Posted by JOE at 2019-08-17 03:25 PM

There are always some people who are 'hurting' in even the best economy, and that is why your govt 'safety' nets exist.

#19 | POSTED BYMSGT

I agree ...

But things have got so bad that half the population can't afford an unexpected $400 emergency expense ...

money.cnn.com

America is the richest country in the world yet half the population is poor.

Respectfully, this isn't hard to understand.

#28 | Posted by PinchALoaf at 2019-08-17 03:26 PM

The electorate has nothing to do with our system of electoral votes.
#27 | POSTED BY JOE

Should have said electoral votes. Or electors.

I stand corrected.

#29 | Posted by Ray at 2019-08-17 03:33 PM

Banner day at the retort - someone admitted they were wrong! Good talk Ray.

#30 | Posted by JOE at 2019-08-17 03:39 PM

Trump-haters hype up a recession while the real economy is booming - www.foxnews.com

Brian Moynihan, CEO of Bank of America -- "The average worker is working, getting paid more," Moynihan said. "That's going to translate into good credit performance on the consumer side. The real risk for the U.S. economy is if the consumers slow down."

The most important point Moynihan made was when he said this: "We have nothing to fear about a recession right now except for fear of a recession."

If there's anyone who wants to gin up a recession, it's DNC sychophant, Paul Krugman.

#31 | Posted by SheepleSchism at 2019-08-19 11:07 AM

If always-wrong Krugman said water is wet, I would turn on a faucet and double-check.

#32 | Posted by nullifidian at 2019-08-19 11:17 AM

America is the richest country in the world yet half the population is poor.

Interesting twist ...

America is the richest country in the world. (world as standard)

half the population is poor (relative standard).

Respectfully, this isn't hard to understand.

Actually you don't understand.

#33 | Posted by AndreaMackris at 2019-08-19 11:27 AM

Drudge Retort Headlines

Colt Suspends Making AR-15 for Civilian Markets (146 comments)

Trump Asked Ukraine to Investigate Biden's Son 8 Times on Call (93 comments)

Whistleblower Complaint About Trump Involves Ukraine (80 comments)

Whistleblower Complaint Covers Multiple Trump Actions (48 comments)

How Long Will Republicans Tolerate Trump's Lawlessness? (46 comments)

US Deploying Troops to Saudi Arabia and UAE (43 comments)

'Ukraine, If You're Listening ...' (34 comments)

The Teenager who has Captured Attention for Climate Change (32 comments)

Trump: My Crimes Can't Be Investigated While I'm President (30 comments)