As I’ve been looking into the current US economy and them covering up/lying about recession, I keep seeing liberals saying one thing over and over- that our labor market is very healthy. Is that just another way to say unemployment? This comes across as capitalist speak for, we love how many people are working multiple jobs, “people are getting back to work” etc. Hannity on Fox News was recently ranting about how people should be willing to work “70, 80, even 90 hours a week” during a recession. Classical economics spend so much time bullshitting and using language that sounds better than the truth.
They mean mostly 2 things in our current economy
Firstly, the unemployment rate is very low compared to historical averages
Secondly, the rate of change in rise of salaries are much higher now compared to historical changes
The reason why they keep bringing this up is because the ruling class is brainwashing people to believe that high employment rates and rising wages is a leading factor of high inflation, and not their sanctions on Russia or previous frivolous monetary policies that benefitted the rich (immense Quantitative Easing from 2008-2021) The logic is that since people have more money, they consume more leading to higher demand
They are brainwashing the masses that a healthy labor market is causing inflation because the Federal Reserve is in the process of raising interest rates and Quantitative Tightening, both of which will crash the stock markets. They have explicitly stated that their goal is to force employers to layoff employees to raise unemployment which will also suppress wages due to flooding the labor market with laid off candidates
This way, people will believe the Federal Reserve are doing these actions to help bring down inflation and save the economy, when in reality their motives are most likely more aligned with decreasing wages for employers to prop up the falling rate of profit
Another more sinister reason is that raising interest rates will cause many of the Global South’s economies with IMF and World Bank loans to default on them, leading to forced restructures of loans which will debt trap them. This will also cause their assets to crash in price allowing USA the pick them up for cheap. This has already happened in Sri Lanka. Expect many more to follow
China, as usually, is attempting to save the world again against the USA by offering many debt relief deals, the most recent example being with Zambia