Live data from Hacker News

U.S. economy just had a 2nd quarter of negative growth. Is it in a recession?

npr.org

21–30 of 78 posts

Re: U.S. economy just had a 2nd quarter of negative growth. Is it in a recession?

#21

Acknowledgement is the first step to working on a solution

Many seem to believe this is the solution for inflation. Which was "transitory" before it was "illusion," as I recall, and a little before that was impossible due to the new understanding granted by MMT.

Re: U.S. economy just had a 2nd quarter of negative growth. Is it in a recession?

#23
post #19

Earlier quoted context omitted.

> With unemployment at 3.5% and dropping and hiring still going strong, wages rising faster than at any point in most of our lives, I'm personally not worried about what will hopefully be light and necessary recession, even if the "2 quarters of negative GDP growth" is a bunk line, cooling off the economy until the global supply chains can resolve is obviously the only solution to inflation. The best way to fool your…

Crazy reply to read here on hackernews where we're discussing innovations every single day. We are in the middle of a software development golden age and the amount of innovation happening is absolutely absurd. Just because you haven't found some new gizmo to make your life easier in the past 5 years doesn't mean our entire society has stagnated. Just because you think making webapps is milking the internet doesn't m…

> Crazy reply to read here on hackernews where we're discussing innovations every single day.

I don't want to discuss, I want to use. Aspirational stuff doesn't improve the quality of life of anybody. It's the equivalent of small talk

> I think basically 0 electric cars being sold. I think basically 0 electric charging network. I think basically 0 grid scale solar panel build out. 0 compared to today, at least. We are in the midst of the electric car revolution, the petrochemical refilling grid is being deprecated IN REAL TIME all around us, cars are having AI models updated OTA to achieve lv3 or 4 driver assistance or even to drive themselves.

That stuff is not for us, it's for people who'd be alive 150 years from now. All the energy transition stuff won't improve our lives one bit, it just prolongs the churn rate of the planet. It's like when AiBnB raises the cleaning fee 1000% and unluckily you are the first client ever to have to pay it. It doesn't add anything to your experience and your staying at the venue. It's a cost, hence it's a minus, not a plus.

mRNA is an example of stuff that it's for us. Matter of fact I have it in me right now and I suppose so do you

> Like why are you even here?

I mean...somebody is being aggressive for no reason. I think making tons of money with software and copying app or by playing the poker game of founding>raising>exiting is nice and all. But at the end of the day making money is just step #1, you still need to have something worthy to buy with that money once you leave the poker table.

That's why Vegas has tons of venues, resturants and nightclubs and stripclubs in the proximity of poker tables. Without all the amenities Vegas would not be different than Oklahoma's Poker scene

Re: U.S. economy just had a 2nd quarter of negative growth. Is it in a recession?

#24

https://text.npr.org/1113649843 Would be nice for other outlets to provide such a facility. (even better: for modern stalkiness and over-scripting & over-graphical-jigery-pokery-ing to be rarer generally).

Any website that produces articles sauced with that kind of stalker vibe is not one worth reading. If everyone kept that in mind, they'd die soon enough.

Re: U.S. economy just had a 2nd quarter of negative growth. Is it in a recession?

#26
post #6

why is it such a big deal that it makes people shudder? Europe is about to go off a cliff soon. Are they avoiding words in order not to trigger the robot traders?

Because it’s such blatant gaslighting. It’s been well established that two quarters of negative growth signal a recession. Everyone sees the two quarters of negative growth but our economists are going “well actually we’re not in a recession, we’re experts, believe us”. And this isn’t the debate over Covid where you could make an argument one way or another. This id plain as day in the numbers and our leaders actuall…

There was no aspect of Covid where you could genuinely "make an argument one way or the other", or at least no aspect that was worth talking about. Any sort of "but this other point of view tho" dialectic was bad-faith nutcase reasoning, usually leading directly and measurably to more people dying.

Re: U.S. economy just had a 2nd quarter of negative growth. Is it in a recession?

#27
Whether or not we are "in a recession" will not change the underlying metrics. Whatever positives may exist, the agreement seems to be that on an individual-by-individual basis, things are not as good now economically than they were a year ago. Whether NPR or NY Times or WaPo (or the White House) calls it a recession or not is not what's going to drive people's behavior - their bank accounts, their mortgage and rent payments, and the price of food will.

Re: U.S. economy just had a 2nd quarter of negative growth. Is it in a recession?

#30

If the government changes the definition I guess we're not right?

Hahah hilarous - just change the definition and problem solved :)

I mean, the problem wouldn't be any different if growth was 0.1 instead of -0.1, so it wouldn't be a definitional recession. So the problem would still have existed whether the term "recession" applies or not. The emphasis on whether or not we are in a "recession" was always completely misplaced.

The reality is that whether we saw negative growth or not, GDP is clearly contracting.

Which is not a surprise. And not only is it not a surprise, it's the intended effect of the inflation fighting efforts being undertaken by the Fed.

The Fed, or the government, has very little to no control over global supply chain issues, Russia going on a dumb war, and China shutting down massive parts of the country on the whiff of COVID, so the Fed is using the only tool it has available to it.

Which is completely slowing down the economy. Why are we surprised that the economy is slowing down when that's what we're trying to do.

Post reply on HN