The Lockdowns Kicked Off this Depression

Source: Brownstone Institute
by Jeffrey A Tucker

“The last two days have been consumed with a discussion about whether we are in a recession or not. They want to change the conventional definition, just as predicted. The only piece of data to which they can point is the low unemployment rate while failing to indicate that labor participation itself has not recovered from 2020 and continues to fall dramatically. It appears as if we’ve lost 40 years of progress in a mere two and a half years. This is not an exaggeration: real personal disposable income has been falling since May 2021, the longest period of decline since the Second World War. It follows an explosion in printing-press faux wealth in 2020 that went as quickly as it came.” (08/01/22)