Economists don’t call something a recession until rich people start feeling the squeeze. The definition of a recession, while vague, is really designed around that fact. So even if they’re not doing it on purpose, their analytical blinders prevent them from recognizing other conditions that are at least as meaningful to many more people.
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Economists don’t call something a recession until rich people start feeling the squeeze. The definition of a recession, while vague, is really designed around that fact. So even if they’re not doing it on purpose, their analytical blinders prevent them from recognizing other conditions that are at least as meaningful to many more people.
Yep. An awful lot has to go badly wrong in an economy before rich people start feeling it, and that’s the only point they start caring.