Nobel Prize-winning economist "sees nothing that resembles a recession". MWP

[Joe Capitalist]

Nobel Prize-winning economist "sees nothing that resembles a recession". MWP

MAGA wets panties

Nobel Prize-winning economist says he doesn’t see anything that resembles a recession in the U.S.

https://www.cnbc.com/2022/08/25/richard-thaler-says-nothing-in-us-economy-resembles-a-recession-.html

Nobel Prize-winning economist Richard Thaler said the U.S. economy was showing more signs of strength than weakness.
The author of “Nudge: Improving Decisions About Health, Wealth, and Happiness” also said those declaring inflation permanent might be speaking too soon.
Thaler is known for his work on behavioral economics.

Nobel Prize-winning economist Richard Thaler says the U.S. may have recorded two successive quarters of economic contraction, but it’s “just funny” to describe it as being a recession.

“I don’t see anything that resembles a recession. We have record low unemployment, record high vacancies. That looks like a strong economy,” Thaler told CNBC’s Julianna Tatelbaum on Wednesday.

“The economy is growing, it’s just growing slightly less fast than prices. And that means real GDP fell a little bit, but I think it’s just funny to call that a recession,” he said. “It’s not like any recession we’ve seen in my rather long lifetime.”

U.S. gross domestic product, or GDP, fell by 0.9% year-on-year in the second quarter, following a 1.6% decline in the first quarter. Two consecutive falls in GDP growth meet the traditional definition of a recession. Officially, the National Bureau of Economic Research declares recessions and expansions, and likely won’t make a judgment on the period in question for months.

 

[Yakuda]

MAGA wets panties

Nobel Prize-winning economist says he doesn’t see anything that resembles a recession in the U.S.

https://www.cnbc.com/2022/08/25/richard-thaler-says-nothing-in-us-economy-resembles-a-recession-.html

Nobel Prize-winning economist Richard Thaler said the U.S. economy was showing more signs of strength than weakness.
The author of “Nudge: Improving Decisions About Health, Wealth, and Happiness” also said those declaring inflation permanent might be speaking too soon.
Thaler is known for his work on behavioral economics.

Nobel Prize-winning economist Richard Thaler says the U.S. may have recorded two successive quarters of economic contraction, but it’s “just funny” to describe it as being a recession.

“I don’t see anything that resembles a recession. We have record low unemployment, record high vacancies. That looks like a strong economy,” Thaler told CNBC’s Julianna Tatelbaum on Wednesday.

“The economy is growing, it’s just growing slightly less fast than prices. And that means real GDP fell a little bit, but I think it’s just funny to call that a recession,” he said. “It’s not like any recession we’ve seen in my rather long lifetime.”

U.S. gross domestic product, or GDP, fell by 0.9% year-on-year in the second quarter, following a 1.6% decline in the first quarter. Two consecutive falls in GDP growth meet the traditional definition of a recession. Officially, the National Bureau of Economic Research declares recessions and expansions, and likely won’t make a judgment on the period in question for months.

Are these the same nobel prizes one of which they gave to Obama bin laden the same year he took office? An award they gave him supposedly because of his "extraordinary efforts to strengthen international diplomacy and cooperation..."? Getting a noble doesn't mean what it use to.

 

[evince]

Republicans try to do economics without using math


It’s why your party crashed us in 1929 and in 2008


Your opinion is meaningless

 

[Hawkeye10]

The alleged experts lie to us constantly now.

 

[Hawkeye10]

As Bret pointed out the other day during COVID if you would have done the exact opposite of what the experts told you to do then you would have had it just about right.

 

[Walt]

Are these the same nobel prizes one of which they gave to Obama

No, it is not. The Nobel Prize in Economics is technically a completely separate prize awarded by a completely separate organization. It shares a similar name with the Nobel Prize for Peace, and a general spirit, but it is a different prize, given in a different country.

 

[Walt]

The alleged experts lie to us constantly now.

If, as you keep claiming, everything is a lie, then we have no way to know the truth. If, as is reasonable, everything is not a lie, then we have record low unemployment, which makes a recession unlikely. We also have questionable numbers showing a slight drop in GDP... But those numbers will almost certainly be revised up.

There is a bit of reality in your claims, that our numbers are not perfect. The disruptions to the economy (both good and bad) have caused the data to be more error prone than before.

 

[ExpressLane]

It doesn't matter what you call it the average family income is falling in purchasing power. And that is a sign of a sick economy.

 

[BartenderElite]

And of course - the board's righties are disappointed that we might skip a Recession...

 

[Joe Capitalist]

The alleged experts lie to us constantly now.

Yeah, in the Spring, the alleged experts were saying a recession was imminent.

They lie to us constantly.

 

[MAGA MAN]

The alleged experts lie to us constantly now.

Robert Reich made a career out of it.

 

[Joe Capitalist]

Are these the same nobel prizes one of which they gave to Obama bin laden the same year he took office? An award they gave him supposedly because of his "extraordinary efforts to strengthen international diplomacy and cooperation..."? Getting a noble doesn't mean what it use to.

You need to get over your Obama Derangement Syndrome. We're talking about the economy, not Obama.

 

[Hawkeye10]

Robert Reich made a career out of it.

The main thing is that given the firehose of new dollars the Revolution is spraying around as America crashes the economists have lost all control and understanding of what is going on....and they are to dishonest to say so.

 

[Joe Capitalist]

The main thing is that given the firehose of new dollars the Revolution is spraying around as America crashes the economists have lost all control and understanding of what is going on....and they are to dishonest to say so.

And where did you get your Economics degree, Huckewe?

 

[Celticguy]

Keynes got one too and his crap has failed every single time.

 

[Walt]

It doesn't matter what you call it the average family income is falling in purchasing power. And that is a sign of a sick economy.

In July, inflation was 0%, average prices did not rise.... But household income jumped by 1.1%. That would be a huge monthly jump in purchasing power.

 

[Walt]

Keynes got one too and his crap has failed every single time.

As Nixon said, "In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian." Keynes was more right than wrong, and is the guiding base for almost all modern economics.

 

[Joe Capitalist]

In July, inflation was 0%, average prices did not rise.... But household income jumped by 1.1%. That would be a huge monthly jump in purchasing power.

So what ExcessLies said about average family income is falling in purchasing power was just a big pile of bullshit?

 

[Walt]

So what ExcessLies said about average family income is falling in purchasing power was just a big pile of bullshit?

Basically yes. I am sure he emotionally feels they are truths, but they are lies. Income will almost certainly overshoot inflation, every piece of evidence points to that.

 

[MAGA MAN]

The main thing is that given the firehose of new dollars the Revolution is spraying around as America crashes the economists have lost all control and understanding of what is going on....and they are to dishonest to say so.

The study of economics has been political or decades. I was lucky enough to have taken a course during the Reagan era, by a honest professor who explained supply side and how it made so much sense with regards to simple human behavior.