Recession or “Vibecession”?

Nearly three in five Americans think the economy is in recession. Nearly half think unemployment is at a 50-year high and 72% think inflation is rising.

Capitalist media outlets churn out head-scratching articles on this. They say GDP is growing, unemployment is near a 50-year low, and the S&P 500 is up 38% since January 2023. The inflation rate has fallen to 3.4% from its peak of 9.1%. The last recession was, by official definition, in 2020. So why do most Americans think the economy is in shambles?

Economists are calling this growing pessimism a “vibecession,” as if the suffering of workers is purely emotional. If only we studied economic statistics more closely, we would understand how great we have it!

What the statistics fail to capture is capitalism’s senile decay. A few years ago the pandemic killed millions of people. From that low bar things have only gotten worse in every area of life. 70% of Americans say their biggest economic concern is cost of living. Prices are far higher than four years ago, and they’re still rising. Most Americans are financially drained month to month, with 78% living paycheck to paycheck. The billionaires offer only austerity, yet they enjoy record profits year after year! Why shouldn’t we think the economy is a disaster?

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