What got my attention in this short excerpt from a Luongo interview was his phrase "white collar recession."
...I hate to hedge my bets, because I like to be definitive on these things. I think the United States economy is doing better than people would expect at this point in time because this has, for the most part, been a White Collar recession or a white collar employment story. White collar guys are losing their jobs and, because they're not the first ones to run to unemployment a lot--because they were making 150 Grand as a middle manager at Facebook or Twitter or whatever and now they've got their severance package. That severance package may be between three and six months long. They're not going to jeopardize that for 175 or 200 a week on unemployment or 200 a week on unemployment. So the Labor Statistics look better than they actually are. There's still plenty of liquidity flowing through the system because people are going to be living off those severance packages and their savings. So it's more about the timing of when things go bad in the US, as opposed to whether they're going to go bad. It's not a matter of if, it's a matter of when, so Biden's not wrong to say the US economy has been surprisingly resilient. ...
The reason 'white collar recession' struck a nerve is that we were conversing with a couple of close friends a few weeks ago--both 'white collar' and both earning >$200K, and the wife talked about how much they had cut back on spending due to 'no more monthly bonuses.'
Anecdotal, yes. But Luongo sees something.
By the way, he thinks the recession will start baring its teeth late 4Q this year or early 1Q '24. So Bidenomics will fail at exactly the wrong time for a Democrat presidential candidate.
Muted "YAY!!".....
"So Bidenomics will fail at exactly the wrong time for a Democrat presidential candidate."
ReplyDelete...but unfortunately it's never the wrong time for the guys who bring in truckloads of fraudulent ballots in the middle of the night after the major swing-state cities stop counting (at least stop counting the legitimate ballots). I can't look at a capital 'F' anymore without thinking of that miraculous curve the morning after 'election "day"' 2020....that one made the Miracle of the Sun look like a baby sun spot.
Nope...the Republic, as we've known it, is stone-cold dead. SOOO much blatant, leftist, evidence-proven corruption out in the open, and a demoncratic party that just doubles down on arrogance (honestly, they're close to raping children in the streets while calling us phoba-phobes), a repub party that does NOTHING about it but hold 'hearings' that never produce a.n.y.t.h.i.n.g. but a LOT of hot-air and kayfabe red-meat, and a large part of the populous that is so corrupted and wicked they would rather eat their own ears than put their phones down for a day, or admit there's a power higher than they. They no longer know (nor want to know) how to think, and they HATE the Truth...a visceral, burning, demonic hatred for facts, evidence, and Truth. Truly days worse than prediluvian.
yeah....I'm in a funk.
....cause I can see.