https://abcnews.go.com/Politics/treasury-secretary-janet-yellen-2024-good-year-economy/story?id=106649600
With the economy looming large in the 2024 election, Treasury Secretary Janet Yellen said she sees “no reason” for a recession this year.
With the way the white house is handling the Middle East, expect another 70s style oil crisis.
Nah we have largely insulated ourselves from that. That was the point of opening up more drilling and more domestic oil production.
OPEC tried a few months ago to cut their production and raise prices and it didn’t even move the needle for us here.
So we, as the bottom 90%, are going to see our share of that great economy? Like greedflation is going away, the wage stagnation will break without having having to go on strike, maybe some increased head count in qa across the board, fuck how about head count increases overall instead of operation at bare minimums.
Or... Will we instead see more stock buybacks, stock values go up, and no real changes in our lives. Government projects and social services continues to go under funded because of corporate tax loopholes and those at the top not paying their fair share since "unrealized capital". And maybe some more war since that's profitable. Man I'm pessimistic these days.
Edit: oh sorry I missed the part where she actually said.... Prices won't go down.
A reminder, Yellen thinks unemployment is good to discipline uppity workers. In her view, we need to sacrifice about another 2.2 million people, families, futures to make sure everyone else who works for a living stays submissive and unemployment climbs to 5%. Provided for context because her "good" is probably the opposite of your "good."
Well yeah, in the powers-that-be's view, that 5% mark is where most are working to keep spending money and fueling the economy, but enough people are unemployed that keeps wages within employers' control as they have a pool of labor to draw on to replace uppity employees.
According to this, the total number of people in the US labor force was 168,130,000 people, and 5% of that is 8,406,500 (remember that the workforce number includes people who are working or actively seeking work; it does not include those who are too young, have retired, or have given up looking for work). That's almost 8.5 million people looking for work, and to the fed and economists, that's an acceptable number of people struggling to keep the economy stable.
What’s the worst that can happen? She’s wrong and she’s looking for a new job January 20th. May as well go out bold.
And even if a crash/recession happens, it's always because of 'an unforeseen black swan event that nobody could've seen coming', and they never get anyone challenging them on their God awful predictions.
But not for us. Cause when the economy is bad we get fucked and prices go up, and when the economy is good, we get fucked and prices stay high. So why the fuck would i care about the economy? It only seems to benefit the wealthy with stock portfolios