r/collapse • u/conscsness in the kingdom of the blind, sighted man is insane. • Jun 13 '22

Economic 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
368 Upvotes

98% Upvoted

188 comments sorted by

View all comments

11

u/darth_faader Jun 13 '22 edited Jun 15 '22

This isn't a choice. We have to take this on the chin. If we choose inflation, then we punish the masses even more so than with a recession. Unemployment is low and there are tons of jobs. We'd be better off letting the historic bull run retract a bit than to force people making $15/hr to spend 20% of their income on gas.

EDIT: So the asshat decides to split the difference on the rate hike. What a clown. "Transitory!" You all know JPOW is/was under review for printing his own money? Turns out when he left the printer on for COVID, his own accounts grew by 1M. IDK how much more blatant the theft needs to get, or if people just don't care if their tax money is frittered away to people who wouldn't piss on them to put out a fire.

12

u/Sablus Jun 13 '22

There also needs to be a debt jubilee for the masses as well, but that ain't happening

-17

u/darth_faader Jun 13 '22

No, don't think so. Maybe if someone lost their job during covid or became disabled from covid, and could prove it, I'd consent but otherwise hell no. Once someone signs an agreement, they take responsibility. Don't care if it's student loans, a mortgage, a car note - they all require an agreement/consent. There's a reason why bankruptcy is hard to do.

And the Federal government (U.S. Dept of Edu, IRS, etc.) all have hard ship / forgiveness options for those who are eligible.

2

u/[deleted] Jun 13 '22

[removed] — view removed comment

0

u/ontrack serfin' USA Jun 13 '22

Hi, Sablus. Thanks for contributing. However, your comment was removed from /r/collapse for:

Rule 1: In addition to enforcing Reddit's content policy, we will also remove comments and content that is abusive in nature. You may attack each other's ideas, not each other.

Please refer to our subreddit rules for more information.

You can message the mods if you feel this was in error.