I swear I had Econ in college, but I don’t remember anyone saying this so succinctly. It’s from a weird place too, but this quote hits home. It’s like population decline, but for money.
It was a truly baffling thing for an American president to say. And University of Michigan economist Justin Wolfers explained on MSNBC that things could get very bad as Trump’s scheme becomes reality. Wolfers ntoed that the idea of how much you can afford to buy with your income is called “real income.” And if real income falls, that’s called a recession. Wolfers went on to explain that if things decline as badly as Trump’s example, where someone who bought 30 dolls could only afford to buy two dolls, that’s called a depression.
Video from MSNBC: https://www.youtube.com/watch?v=sAZxLm6M_V0
TIL every year with a rent increase is a recession. Whenever housing prices increase faster than income that’s a recession. When college tuition goes up faster than incomes that’s a recession.
Yeah, we’ve been in a recession since the 70s and never stopped.
pretty much. sometimes did not seem so since we racked up debt to offset. At one point it was considered unsustainable for a country to function with debt/gdp over 100%
I’m reading this to That’s Amore.
Wheeeeeen youuuuuur
Bank accounts dry
And it makes-a you cry
Thats Recessiooooon
when the world seems on fire
but you’re told that it’s fine
that’s depression
It’s your own personal recession, aren’t we lucky?
Your own / personal / recession
Someone to stall your sleep
Someone who creeps
Reach out, charge me!