59% of Americans wrongly think the U.S. is in a recession, report finds
www.cnbc.com
Although the economy is growing, consumers remain somewhat pessimistic.

“No you see, idiot, uneducated worker, the economy is doing great actually. Now go back to the your 3rd job’s shift to barely make ends meet.”

  • Roopappy@lemmy.mlEnglish
    22·
    3 months ago

    Recession: A period during which economic activity, as measured by gross domestic product, declines for at least two quarters in a row.

    The first problem with what you’re saying is that you think a recession is some kind of prediction. It’s not. It’s a measurement of the prior 2 quarters. By definition, it can only be declared for time that already passed.

    The second problem with what you’re saying is that you think it is a measurement of quality of life, cost of living, or wages. It’s not. By definition, it’s a measurement of GDP.

    I’m not trying to say that I think the economy is good or that people feel good about it. Those are things that have words to describe them, but not the word “recession”. By understanding the terminology and using the right words, we can all be on the same page and solve problems.

    • oxjox@lemmy.mlEnglish
      11·
      3 months ago

      Thank you.

      The group who have defined an event with intent and required specifications are telling us, by definition, the event isn’t happening. ‘When the rate of water falling from the sky exceeds two inches per hours, it is flooding.’

      The public are saying something is happening and stealing a word from the first group and telling them they’re wrong. ‘It’s below 30 degrees out and this white stuff falling from the sky is accumulating. It’s flooding!’

      The public is also attempting to argue that if the defined event is not taking place, the word used to describe the event is more than sufficient to define their event while they’re placing blame upon the first group for allowing the event to take place.