The Trump administration's dismissal of economic experts and advisory committees is a dangerous move that could lead to a recession. Can we afford to ignore the warning signs and let politics dictate our economic future?
That’s a fair criticism, if things can get worse for people when we aren’t in a recession, then why would we care about recessions.
The truth is that a recession is just one metric that we use to track the economy. However, the economy is a big complex system and things like recession are there to track a global state, and aren’t refined enough to track things like inequality.
One failing in recent times for economic data is around “full employment vs part time employment” and other things like “is this person making a livable wage”. The hard thing with a lot of inequality or livable wage discussions is they are inherently political and not something that is as easy to track/detail/communicate/etc. vs numbers like GDP.
So, yes having better numbers would be great, but most likely this admin will fudge and hide numbers making things even more difficult to track (both now and in the future). Additionally while people are hurting now, during a recession even more people will be hurting (and most likely hurting worse than they are now).
That’s a fair criticism, if things can get worse for people when we aren’t in a recession, then why would we care about recessions.
The truth is that a recession is just one metric that we use to track the economy. However, the economy is a big complex system and things like recession are there to track a global state, and aren’t refined enough to track things like inequality.
One failing in recent times for economic data is around “full employment vs part time employment” and other things like “is this person making a livable wage”. The hard thing with a lot of inequality or livable wage discussions is they are inherently political and not something that is as easy to track/detail/communicate/etc. vs numbers like GDP.
So, yes having better numbers would be great, but most likely this admin will fudge and hide numbers making things even more difficult to track (both now and in the future). Additionally while people are hurting now, during a recession even more people will be hurting (and most likely hurting worse than they are now).
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