Economist Warns That Elon Musk Is About to Cause a "Deep, Deep Recession"

[mahatmakanejeeves]

They don't call it "the dismal science" for nothing.

Hat tip, Joe.My.God.

Ex-Labor Dept Economist: “Deep Recession” Is Coming
February 20, 2025

{snip}

Sinking Ship | Feb 20, 9:06 AM EST by Noor Al-Sibai

Economist Warns That Elon Musk Is About to Cause a "Deep, Deep Recession"

"This is going to be very, very bad."
/ Future Society/ Doge/ Donald Trump/ Economics

A professor and former Department of Labor economist is warning that unelected White House advisor and multi-hyphenate billionaire Elon Musk is sending the United States headlong into a huge recession.

In a post on Bluesky, Jesse Rothstein, a University of California, Berkeley public policy professor who was the DOL's chief economist at the start of the Obama administration, addressed the dire situation we could soon be facing. ... "It seems almost unavoidable at this point," Rothstein wrote, "that we are headed for a deep, deep recession."

Between the hundreds of thousands of government jobs on the chopping block and the cancellations of countless federal contracts, the economist noted that upcoming employment reports are looking quite scary indeed.

"The March employment report (to be released April 4) seems certain to show bigger job losses than any month ever outside of a few in 2008-9 and 2020," the professor wrote in his multi-post thread. "Add on to that enormous private market uncertainty — how could you hire in these conditions? — and this is going to be very, very bad."

{snip}

[Ocelot II]

1. Only the leopards will be eating well.

[Silent Type]

2. Read this morning that Atlanta City Council passed resolution urging local governments to hire RIFed Federal workers.

[Attilatheblond]

3. Thinking it's part of his plan to buy EVERYTHING

and only pay pennies on the dollar for it all.

As long as Trump is allowed to spend millions daily on travel and security for his amusements and hits of applause, we know Musk doesn't give a damn about 'government waste'.

[Irish_Dem]

6. Yes the billionaires will buy up everything on the cheap.

[gab13by13]

4. I was going to post I thought we were headed to recession

but I was skeered of the "doom and gloom' police.😊

[Attilatheblond]

7. LOL, and they are out in force some days

[Voltaire2]

5. That's the plan.

Read the shock doctrine.
The oligarchs will pick up the pieces for way less than their pre collapse value.
They likely intend to destroy the dollar as well, taking care of that nasty debt problem and forcing the peasants into their scammy digital ‘currencies’.

[everyonematters]

8. I agree.

"The basic idea is that higher unemployment leads to drops in consumer spending, which can slow economic activity and growth, which in turn leads to fewer hires, closing the recession circle."

He is taking too much demand out of the economy at once, and it doesn't have time to adjust. Same thing with the deportations.