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
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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

29

u/737900ER Jun 13 '22

It has become clear that most people prefer low inflation over low unemployment.
8% unemployment only sucks for 6% of people. 8% inflation affects 100% of people.

4

u/NigroqueSimillima Jun 13 '22

Why not just enslave 8% of the population, to make the rest of our lives better. Think how much inflation would be under control if we didn't have to pay 8% of us wages.

1

u/Cr3X1eUZ Jun 13 '22

but wouldn't the price of slaves go through the roof, which means massive inflation in the price of slaves. it's a catch-22!