Washington Post: the recession is good for you, really!

Hotair ^ | 09/28/2022 | David Strom

[SeekAndFind]

I can’t say whether the Washington Post is just fond of listicles or whether they are trying to provide some cover for the Democrats, but they actually had the gall to publish an article that tries to convince us that the current recession is going to actually be good for us. The article is written by Michelle Singletary, who writes the nationally syndicated personal finance column “The Color of Money,” which appears in The Washington Post on Wednesdays and Sundays.

I am not going to waste your time duplicating all the arguments–after all, you should always check out the source material to ensure that we aren’t gaslighting you about our subjects–but I will give you the highlights.

Here are the 7 great things we can look forward to during this time of economic collapse:

• Housing prices may finally come down to reasonable levels.
• Savings rates are up
• I bonds inflation rate might go even higher
• The dollar is king
• Unemployment is still relatively low
• Your used car is worth more
• Student loan forgiveness is coming

All true, although several of these either may fail to materialize or even become bad things in the longer run. But things could be worse. They always can be.

But those of us in the middle class are watching the value of our paychecks diminish, our savings and retirement shrink, and aren’t quite so sure that our jobs are all that safe. Ask the people who are starting to get laid off as consumer spending starts to contract. After all, one of the reasons the unemployment rate is so low is that a lot of people never reentered the workforce after the COVID lockdowns. I wouldn’t count on employment remaining robust if this recession goes where I suspect it will.

You have to be working very hard to come up with reasons to celebrate a recession. There are lots of people struggling to fill up their gas tanks or for that matter their grocery carts, and I don’t think students loan forgiveness is going to make them feel all warm and fuzzy. After all, a small fraction of the population will get that benefit–at the expense of everybody else. $400 billion worth.

This fits in with the personal finance advice being given by the Biden Administration, such as “save money by buying an electric car.” What dolts.

Transportation Secretary Pete Buttigieg: "A lot of Americans could be saving a lot of money by owning an EV, but only if they could afford it."

The average cost of an electric vehicle is $67,000. pic.twitter.com/WaFmS2RlUq

— RNC Research (@RNCResearch) September 27, 2022

Like you I am now comforted that the recession might turn out to be good for my finances, at least if the Washington Post turns out to be right.

And when was the last time that they led us astray?

[crusty old prospector]

Gee, $10,000 a year into an I-Bond.

[SunkenCiv]

And learn to code! Losers! Partisan Media Shill and Stooge alert.

[Flick Lives]

Your used car is worth more

—

You can trade it in on a nice pot roast.

[jdt1138]

I thought about selling my 23 year old F150 and buying a bicycle. I live close to the stores so could make due with one vehicle for our family. But at best the truck is worth a couple thousand which is less than a month’s food and rent.

[SaxxonWoods]

All recessions are good, and necessary.

[Chad C. Mulligan]

Not good, but still the lesser of two evils. The other being hyperinflation.

[afchief]

Liberalism where: The STUPID really say STUPID things

[MCF]

“The average cost of an electric vehicle is $67,000.”
That is exactly twice what we paid for our first house with 22 acres, in rural Missouri, in 1975.