arquebus_x

It doesn’t help that wage growth has largely been in the “unskilled” sectors (I hate that term, every job is skilled), but inflation reduction has largely been in non-essential goods. Which means that upper-middle to upper income people have been noticing their wages not increasing with inflation despite inflation overall being lower, and lower to low-middle income people have been noticing inflation impacting their budgets despite their wage increases.

But in aggregate, “everyone” is being paid more and “inflation” is down. So at a macro level everyone “should” be happy with how things are going. But human beings don’t live at the macro level.

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.

Before we get out the flaming pitchforks, let us not forget that pretty much no one reads or cares about the New York Times. Their readership (print and web) is minuscule compared to entities like CNN, NBC News, ABC News, CBS News, MSNBC (and Fox, OANN, Breitbart, Joe Rogan…).

Sure, it sucks that the NYT is sucking Trump cock, but in the end, that won’t move the needle.