Interesting article Ray. Personally I do feel we will (or already are) in a recession. The severity will be a tough call. Yes it may be a whopper or perhaps Ben and PP team will do whatever it takes to keep the consumerism lifeline intact. I simply do not know. To me employment is the big factor, and if engineers and 100k salaried people (and yes you all know who you are) start losing jobs things will indeed become precarious.
I think that there is a sense of omnipotence that many engineers and young professionals earning big money that are in the 20-40’s category have. Perhaps it is because they have not been through tough times or maybe they have but have always weathered the storm.
Now, with that sourpuss outlook I also do inherently pull for the home team. Something in me always tends to think that skilled motivated people can and will get by even when things are tough. In 2001 engineering jobs were hard to come by but you didn’t see many engineers working at home depot. Same with the early 90s.
Thanks to the other posters who have good knowledge of the stats like gdp and the “official” meaning of inflation. It doesn’t matter to me that the government tells me inflation is 3 or 30% because I know what I pay to SDGE and every few days at the pump and it is alot more then what I used to pay. So I guess I have the SDR inflation reading and that is all I care about.
So yeah perhaps it will be a mother of all recessions. Yes I inherently don’t really trust our leaders because I know they are looking out for them, not for me. However I am resourceful and I would bet many who read this site are as well.
