I swear I had Econ in college, but I don’t remember anyone saying this so succinctly. It’s from a weird place too, but this quote hits home. It’s like population decline, but for money.

It was a truly baffling thing for an American president to say. And University of Michigan economist Justin Wolfers explained on MSNBC that things could get very bad as Trump’s scheme becomes reality. Wolfers ntoed that the idea of how much you can afford to buy with your income is called “real income.” And if real income falls, that’s called a recession. Wolfers went on to explain that if things decline as badly as Trump’s example, where someone who bought 30 dolls could only afford to buy two dolls, that’s called a depression.

Video from MSNBC: https://www.youtube.com/watch?v=sAZxLm6M_V0

  • Showroom7561@lemmy.ca
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    3 days ago

    And if real income falls, that’s called a recession.

    But by that metric, rich people would never experience a recession. If that’s the case, why do we allow them to cause a recession for the rest of us? Madness.

    • entwine413@lemm.ee
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      3 days ago

      It’s a huge example of the bystander effect. It would only take a handful of people to change the situation.

          • Tattorack@lemmy.world
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            2 days ago

            So… You’re saying you see something wrong in the world… And you shouldn’t do something about it? Just keep everything as it is?

            • wanderingmagus@lemm.ee
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              10 hours ago

              I never said that. I said stop encouraging comrades to violate OPSEC. As in, stop posting openly about the activities that will get you arrested and keep that on encrypted channels.