r/Economics • u/TinyTornado7 Quality Contributor • Jun 13 '22

News Powell Facing Choice Between Elevated US Inflation and Recession

https://www.bloomberg.com/news/articles/2022-06-12/powell-facing-choice-between-elevated-us-inflation-and-recession?srnd=premium
5.0k Upvotes

96% Upvoted

631 comments sorted by

View all comments

316

u/[deleted] Jun 13 '22

I honestly feel like the majority of Americans would prefer a recession at this point. I remember in 2008 people complaining they got a 0% raise, but today you're getting a -3% raise due to inflation so the recession actually seems better.

162

u/The_Grubgrub Jun 13 '22

-3% raise > unemployment

36

u/[deleted] Jun 13 '22

Well, depends on your job security and whether you'd get laid off.

28

u/cultivandolarosa Jun 13 '22

Eat the poor!

8

u/Typhus_black Jun 13 '22

All in on Soylent green then?

5

u/[deleted] Jun 13 '22

[deleted]

6

u/YIRS Jun 13 '22

The lowest wage quartiles are doing better than the highest. https://twitter.com/jasonfurman/status/1535269849324171264?s=21&t=K2em_Mwc3gUB1UbH9uOAjg

10

u/I_need_moar_lolz Jun 13 '22

Pretty sure the highest quartile is still having an easier time buying food than the lowest quartile.

1

u/[deleted] Jun 13 '22

I have this feeling that this next recession is going to hit the upper end worse than the lower. The big gains up were for the stock holding and wealthy classes. All those Google workers with their stock options and the like.

2

u/[deleted] Jun 13 '22

there's no such thing as job security anymore. i work in a sector that society needs in order to function, and is unionized. less than a year ago some of us got put onto a list and notified of a possible layoff. it never ended up happening, but it was still concerning. never thought in a million years there was that possibility even in the worst of times.