Recession isn’t about what people feel though. Its about the productivity of the country. People can feel bad, but if the country continues to produce more stuff, then we’re economically booming.
I feel like a lot of these issues is that the public is just ignorant to what a “recession” or “depression” really means. Employment (ie: how many jobs are available) indicate booming economies (aka: us making more stuff) because it means that companies are trying to make more stuff and need more workers.
A recession is the opposite. When our means of production get shut-off for whatever reason. When this happens, people start getting laid off from jobs leading to unemployment.
We did have a brief COVID19 recession as theme parks, hotels, restaurants, and cruises closed down. As the hospitality sector closed, they laid off workers, unemployment grew, etc. etc. etc. This cascaded to other sectors: tourism declines, air-travel declined. Gasoline usage dropped and oil producers cut off production. It was starting to get out of control until policymakers took swift action with new loans (PPP loans, and other programs) to get the economy somewhat-artifically churning again, but it did work and the job boom kinda-sorta hampered the COVID19 recession.
Recession isn’t about what people feel though. Its about the productivity of the country. People can feel bad, but if the country continues to produce more stuff, then we’re economically booming.
I feel like a lot of these issues is that the public is just ignorant to what a “recession” or “depression” really means. Employment (ie: how many jobs are available) indicate booming economies (aka: us making more stuff) because it means that companies are trying to make more stuff and need more workers.
A recession is the opposite. When our means of production get shut-off for whatever reason. When this happens, people start getting laid off from jobs leading to unemployment.
We did have a brief COVID19 recession as theme parks, hotels, restaurants, and cruises closed down. As the hospitality sector closed, they laid off workers, unemployment grew, etc. etc. etc. This cascaded to other sectors: tourism declines, air-travel declined. Gasoline usage dropped and oil producers cut off production. It was starting to get out of control until policymakers took swift action with new loans (PPP loans, and other programs) to get the economy somewhat-artifically churning again, but it did work and the job boom kinda-sorta hampered the COVID19 recession.