[CLIP] Recession Frenzy Is Missing the Point: Jeffrey Tucker on the Root Causes of Our Economic Woes

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"It's the strangest thing to watch – the way one number coming out on Friday morning, with just a tiny tick-up in the unemployment rate, would completely change the ethos of Washington, Wall Street, [and] all mainstream media. In the blink of an eye, we went from 'the booming, growing economy, we're so happy, inflation's gone, things are fantastic' to suddenly 'Oh no! The recession is probably already here, the world's falling apart, what are we going to do? Sell, sell, sell.' To say the least, it’s an overreaction when, for one thing, the data is a month old, which goes without saying. It's not as if the recession arrived on Friday. The data was from the month earlier. The other thing to observe about this is that it wasn't particularly bad relative to what it's been in the past. The decay in the jobs market has been very, overwhelmingly obvious to me and many others for at least two years, if not going back. We've never really recovered out of the lockdown period. We never recovered the worker participation ratios or labor participation rates. They're still below 2019 levels. And we can take apart the jobs data - there's a growing divergence between household survey and business payrolls, strongly suggesting double counting in the establishment survey. That gap never previously even existed. And then suddenly, in the last four years, it appeared and it's widening. It gets wider to the point that one is plunging and the other is rising." - Jeffrey Tucker