The Fed Has Avoided a Recession. But Some Have Been Left Behind | Hacker News Reader

The Fed Has Avoided a Recession. But Some Have Been Left Behind

barrons.com

17 pointsmoose_man8 comments

It's incredibly dangerous for the government to be playing economic games like this. They're making one segment of the population suffer and another segment become wildly rich. This won't end well for anyone.

Also what the Tories did for the UK since the 2008 crisis. Austerity means the dismantling of public services by cutting their budgets instead of raising taxation to cover the costs, leaving behind the less privileged members of society (the disabled, the poor, the sickly) to suffer while the rich can keep increasing their wealth instead of paying back into society through taxes.

All through unelected bureaucrats, too.

Avoided a recession seems to be a call that it's too early to make. Danielle Demartino Booth, formerly of the Dallas Fed, suggests we've actually been in one since October. The National Bureau of Economic Research always calls a recession after it has started (and sometimes, even after it has ended).

Saying the Fed has avoided a recession amusingly also puts way too much credit/blame on the Fed for the state of the economy. They're a bank regulator, and not much else. And given the global nature of the Eurodollar system, not even particularly central, though, since the death of LIBOR and the advent of SOFR, it could be argued they do at least have a little more sway than in prior decades. When Congress is busy spending trillions and the Treasury is busy issuing debt at a record pace while the Fed simply adjusts interest rates at the immediate end of the curve, it hardly seems sensible to look to them for why the economy is doing whatever it is.

> Federal spending projections for 2024 were revised to $6.8 trillion, or 24.2% of GDP

Why don't they mention that that total federal tax revenue was only $4.44 trillion?

So the us is spending trillion a year more than it takes in and is issuing more debt to make that up.

I believe the INTEREST accumulated over the decades is now more than military spending.

It may not quite be there yet but it will be any day now. https://www.cbsnews.com/news/federal-debt-interest-payments-...

Doesn't help that neither party has any interest in fiscal conservativism; just arguments on what pet projects they'd like to bankrupt the country with.

Got censored last time I quoted this:

>Annual Economic Health Check

>IMF Country Focus

>IMF Survey: Soft Landing Ahead for U.S. Economy

>IMF Survey online

>August 6, 2007

>United States should return to potential growth rate near 3 percent by mid-2008

>But housing market problems could still get worse

[0]https://www.imf.org/en/News/Articles/2015/09/28/04/53/socar0...

Especially given this article's first paragraph, which contradicts the headline:

>San Francisco Federal Reserve President Mary Daly sees more work for higher interest rates to do to slow demand and inflation in the U.S. economy. She said the Fed is ready to respond to both a softening labor market that needs a boost and to inflation remaining stuck above its target—but it’s unclear which scenario is more likely.

https://archive.is/jJsFG

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