ok, how about a bunch of old fogies getting together and setting policy so that their wealthy business friends don’t have to endure a recession and selling out the younger generation in order to do this?
Actually, wealthy old fogies can handle a recession fine. All they have to do is put money in assets that would not deflate during a recession and then transfer them back in when it bottoms. It is the people with few liquid assets that get burned during the recession (generally middle class). The wealthy have access to hedge funds, particularly those that specialize in profiting from downturns and recessions (min deposit $100k or more). The statement you made is inaccurate and misleading.
It might have been instead to avoid being ‘voted’ out of office. Recessions are not popular with the general populace.
