I WILL FIGHT INFLATION BY CAUSING A SEVERE RECESSION - ThreadSky

rmfifthcircuit.bsky.social • 13 days ago

I WILL FIGHT INFLATION BY CAUSING A SEVERE RECESSION

WHITE HOUSE ECONOMIC ADVISER HASSETT: TRUMP WANTS TO FIGHT INFLATION BY INCREASING LABOR SUPPLY AND LOWERING AGGREGATE DEMAND -CNBC INTERVIEW

Comments

adamboyle.bsky.social•13 days ago

Don’t worry, they will prevent the recession by defaulting on treasuries.

Instead, we will just slip into a depression.

baymama.bsky.social•13 days ago

Yes this is literally what this means

bochocito.bsky.social•11 days ago

Increasing labor supply by deporting foreign workers…

adriana1o5.bsky.social•13 days ago

whenever I replied on X that what people were really arguing for was an economic crash because the conditions they desired would be the fiscal response to one..... I got ~*crickets*~ in response

they're ignorant. they don't understand. Worse yet, we are stuck in here with them

docgrant.bsky.social•13 days ago

Pretty much. Red states did their best to dumb down schooling.

tyznik.com•13 days ago

I don’t even understand the purported benefit here. “Instead of high prices being the reason you can’t afford anything, no income will be the reason you can’t afford anything! Problem fixed!”

doomervon.bsky.social•13 days ago

Ahem, Trumpcession. Start practicing using the proper term.

sheblue.bsky.social•10 days ago

On day one!

zachwolfelaw.bsky.social•13 days ago

WE WILL INCREASE LABOR SUPPLY BY ROUNDING UP ILLEGALS

docgrant.bsky.social•13 days ago

Hilarious.

mr7077.bsky.social•12 days ago

Will fight inflation by increasing meme coins

teej-m.bsky.social•13 days ago

That makes now f'n sense - just how does he even fathom his policies will increase labor supply?

carlcecere.bsky.social•13 days ago

Also less demand for tax expenditures on schools when the new labor supply comes from children! Domestic! Home-grown!

pwnallthethings.bsky.social•13 days ago

Do think folks are somehow missing the very obvious implication that lots of people will lose their jobs, and that is an actual goal of the administration

runningoutwest.bsky.social•13 days ago

rich ppl loved the great recession cause they had ppl with grad degrees pouring their coffees and willing to work for peanuts while the rich bought up distressed assets

haskell.bsky.social•13 days ago

who sold the distressed assets?

this is not a hard question

pwnallthethings.bsky.social•13 days ago

Eh, not really tho. The problem with recessions is they kinda suck for everyone. Rich people obviously less than poor people, but them too

capemaydave.bsky.social•13 days ago

Trump's policies are going to create stagflation

and might cost US the exorbitant privilege of issuing the world's reserve currency

rmfifthcircuit.bsky.social•13 days ago

I am not a rich guy but I represent rich guys, and they did not enjoy the Great Recession very much. Some made out ok to be sure.

carlcecere.bsky.social•13 days ago

What I learned in the last recession is the first casualty of a recession is the overleveraged dude. And a great many rich guys are overleveraged.

pablopaniello.bsky.social•12 days ago

Please don't kill the overleveraged guys. They're my best clients

kevinmcnamee.bsky.social•13 days ago

The recovery from every recession further concentrates wealth at the tippy-top of the tippy-top.

pwnallthethings.bsky.social•13 days ago

Idk maybe, but it also turns some number of rich people into poor people, and they don't like it when that happens

bhtalmage.bsky.social•13 days ago

Point of order: If you are a Top 10% income earner in your state ($260k in Texas) you don’t get to escape the label rich guy. 🧐

(To be clear: not asking you to confess your AGI! Just think it’s healthy for Top 10% income earners to escape the mentality they aren’t rich b/c someone else has more.)

enceladusty.bsky.social•13 days ago

I will never forget some business owner's grinchy evil smile after telling a reporter that they've been able to get "some great deals" wrt to hiring experienced folks at entry level wages.

runningoutwest.bsky.social•13 days ago

yeah, my N of 1 experience on this was shaped by having multiple baristas back in 2011-2013 at my local coffee shop (shoutout Boxcar coffee) with grad degrees in all sorts of impressive fields pouring coffee and living with 3-4 roomies in their mid 20s.

dnlmsstch.bsky.social•13 days ago

For the people who voted for Trump because the cost of things wasn't decreasing (and they think that's inflation)
Deflation is what they voted for

pwnallthethings.bsky.social•13 days ago

Like folks can argue over if that is good for economy number, but the policy says it straightforwardly: the economy should be actively managed so that lots of people who are currently employed will not be.

hurricanexyz.bsky.social•13 days ago

Industrial reserve army

jeremypress.bsky.social•13 days ago

Yes, and the perverted ideology of the Republican Party is that those same people who are forced out of work by the government will have to somehow pull themselves up by their own bootstraps without receiving any kind of help from the government.

kaydayak.bsky.social•13 days ago

And we’re gonna destroy your industry while we’re at it to maximize pain on the (checks notes) woke.

ajaxsinger.bsky.social•13 days ago

I do recall saying to people that if Biden loses the economic message would be that next recession we'd value inflation over jobs, but I really wasn't expecting an administrative goal of creating a recession in order to enact it.

paderofsky.bsky.social•13 days ago

Power move 100%. Ties in very cleanly with RTO mandates. Bosses never got over the idea of workers having any agency.

theotherspeakman.bsky.social•13 days ago

Can't wait for media outlets to breathlessly fall for the lie that he created jobs after destroying millions

heres.bsky.social•13 days ago

Maybe the same people who think “AI taking every job” somehow means “stocks go up”

toddaago.bsky.social•13 days ago

Yup. People don't get that's what he means when he says that. They think he will snap his fingers and make it happen, but they don't understand how.

rmfifthcircuit.bsky.social•13 days ago

I mean yeah, if that's the real quote that's what it says, slightly maquillaged.

jalli1315.bsky.social•13 days ago

Pretty much

https://bsky.app/profile/shoe.bsky.social/post/3lhtnvul4l22v

bentwhee.bsky.social•13 days ago

Someone didn’t bother to think this one through. Prices would fall because inventory can’t be cleared from store shelves. Stores are canceling warehouse orders and warehouses are canceling with the factories. Why would investors build more productive capacity even if the tax rate was low?

bentwhee.bsky.social•13 days ago

No one is going to increase supply because they know it won’t sell.

grumdholt.bsky.social•13 days ago

Looks like the only inflation they're concerned about fighting is the kind experienced by employers when wages go up.

evan.codes•13 days ago

And now that discrimination is back on the table, who will be disproportionately represented in those job losses.

kianrazi.bsky.social•10 days ago

The GOP’s economic plan is simple: distract, divide, and deflect. Can’t afford rent? Here’s a book ban. Grocery prices too high? Let’s talk about drag queens. Wages stagnating? Have you considered blaming immigrants? It’s not a platform—it’s a con, and we’re all paying the price.

booond.bsky.social•13 days ago

Not to create a different type of concern but don't a lot of people who may be employed with nothing to fall back on own guns? Lots of guns?

humeancondition.bsky.social•13 days ago

Maybe if I balance it juuuuust right....

magicdonky.bsky.social•13 days ago

The dumbest thing Bassett did was during Covid when he right clicked Covid trend data to create an equation and changed the polynomial order until it showed no more deaths in 3 months.

magicdonky.bsky.social•13 days ago

Hassett*. Keeps getting autocorrected

javaglee.bsky.social•12 days ago

Great
Smart
Oh poop

wheystandard.bsky.social•13 days ago

Credit where due, recessions are deflationary.

zecretzquirrel.bsky.social•13 days ago

New era; can have both.

paulocuana.bsky.social•13 days ago

He should try to engineer another pandemic. Apparently, that's what the people want.

macphoenix.com•13 days ago

Bird flu knocks on Whitehouse’s door…

gremblor.bsky.social•13 days ago

Especially given how clearly they're spelling it out I cannot fathom why the S&P 500 is modestly up today instead of ringing the alarm. The last few weeks make it pretty clear that when they announce outrageous plans, they then follow through.

300ps.bsky.social•13 days ago

Checking on the efficient markets pricing in risk:

lol

mjdavis1988.bsky.social•10 days ago

Subscribe for free folks!
https://mdavis19881.substack.com/

mloa.bsky.social•13 days ago

We want to REDUCE your wages and have you buy less. Seems legit, sure they have thought this through.

robvo.bsky.social•13 days ago

https://bsky.app/profile/robvo.bsky.social/post/3lhtjzifdik22

martin509.bsky.social•13 days ago

Immigration is an economic boon because it *increases* aggregate demand even after accounting for the increase in labour supply.

ryanwu2438.bsky.social•13 days ago

Volcker thought, like mononucleosis, can recede from view but never truly go away.

thegreenonion.bsky.social•11 days ago

grungehamster.bsky.social•13 days ago

You aren't saying it won't work though...

sgurdog.bsky.social•13 days ago

Deflation, something we haven't seen since the Great Recession...

ostensiblyethan.bsky.social•13 days ago

I'm assuming "lowering aggregate demand" just means population control? Like, I guess to them deporting immigrants and allowing poor people to die means fewer people buying eggs?