The Conservative Cave
Current Events => Economics => Topic started by: Ptarmigan on February 06, 2023, 09:55:33 PM
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Janet Yellen: 'You don't have a recession' with unemployment at 50-year low
https://www.foxbusiness.com/economy/janet-yellen-you-dont-have-recession-unemployment-at-50-year-low
Treasury Secretary Janet Yellen on Monday said she sees a path in which the U.S. economy avoids a recession, citing a slow-but-steady decline in inflation, strong job growth and a historically low unemployment rate.
"You don't have a recession when you have 500,000 jobs and the lowest unemployment rate in more than 50 years," Yellen said during an interview on ABC's "Good Morning America." "What I see is a path in which inflation is declining significantly, and the economy is remaining strong."
Her comments came just a few days after the Labor Department reported that the U.S. economy unexpectedly added 517,000 jobs in January – well above the 185,000 forecast by economists – and the unemployment rate dropped to 3.4%, the lowest since 1969. It marked the best month for job creation since July.
The surprisingly strong hiring data, which occurred despite a slew of layoffs in the tech sector, dashed investor hopes that the Federal Reserve will soon pause its aggressive rate-hike campaign as it tries to cool inflation and the labor market.
1969 had a recession. The slump started in 1968. The 1970s was a time of inflation, recession, and stagflation.
How the Great Inflation of the 1970s Happened
https://www.investopedia.com/articles/economics/09/1970s-great-inflation.asp
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what this leftist scrunt completely fails to point out is over 5 million people have LEFT the work force and thus are not calculated.
That's in the past 2 years. No way in hell do 5 million baby boomers just decide to retire (though I'm one of them). Nope -- the destructive, restrictive policies of leftist politicians who shut down their little fiefdoms while screaming "COVID, COVID!" is accountable for some of that.
But the vast majority of those who left the work force did so because they're being spoonfed by Uncle Sugar and those who are just plain tired of working -- read, lazy.
Yellen won't talk about that because it doesn't fit her leftist narrative.
And SharterJoe will no doubt trumpet his "successes" in his SOTU speech tonight, when we all know we are vastly worse off with Joe in Delaware (no White House log of visitors to be concerned with there -- anybody else have a question about why SharterJoe spends so much time in Delaware? No accountability of who else walks through that front door).
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what this leftist scrunt completely fails to point out is over 5 million people have LEFT the work force and thus are not calculated.
That's in the past 2 years. No way in hell do 5 million baby boomers just decide to retire (though I'm one of them). Nope -- the destructive, restrictive policies of leftist politicians who shut down their little fiefdoms while screaming "COVID, COVID!" is accountable for some of that.
But the vast majority of those who left the work force did so because they're being spoonfed by Uncle Sugar and those who are just plain tired of working -- read, lazy.
Yellen won't talk about that because it doesn't fit her leftist narrative.
And SharterJoe will no doubt trumpet his "successes" in his SOTU speech tonight, when we all know we are vastly worse off with Joe in Delaware (no White House log of visitors to be concerned with there -- anybody else have a question about why SharterJoe spends so much time in Delaware? No accountability of who else walks through that front door).
You had me at leftist scrunt. :rotf:
IIRC, there are something like 10 to 15 millions able bodied folks who aren't counted in such unemployment numbers because of the reasons you mentioned. It skews the mathematics completely. It is easy to fudge ###'s to bolter a claim, and only Republicans get fact checked. Trust me, I can massage spreadsheets and numbers and half the population is absolutely stupid and believe what a politician tells them. Especially "Lunch-bucket Blue Collar Joe". What Rush used to call the "low information voters", who get their "information" via clickbait or a 20 second sound byte on local or nightly news.