this post was submitted on 23 May 2024
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Politics
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People will stop believing a country is in recession when it starts to feel like they can actually afford to do the things they want to do, like live in a home and eat food once in a while. They are incorrect to believe that it's a recession causing their current dire circumstances, but they're entirely correct to believe that something is amiss when they're just barely keeping themselves alive. It appears to be due to Biden's mismanagement only insofar as Biden has opted for largely continuity neoliberalism, which is how things have been mismanaged for the last 40 years or so.
Wait. Neoliberalism is literally a set of fiscal practices that that online folks refer to as late-stage capitalism. They're practically identical in meaning. Without neoliberal policy, the phrase "late-stage capitalism" likely never gets coined.