Terry Newman: Freelands „Vibecession“-Ökonomie ist TikTok-Unsinn | Der Finanzminister behauptet, ein „Ökonom“ habe den Begriff geprägt, es sei jedoch ein Influencer mit einem Substack gewesen
https://nationalpost.com/opinion/terry-newman-freelands-vibecession-economics-are-tiktok-nonsense?utm_source=twitter&utm_medium=organic&utm_campaign=NP_social&utm_content=comment
25 Comments
We have a finance minister quoting “influencers” on TikTok. Jesus.
Well, she probably spends more time on TikTok than doing her job, so it’s kind of an honest mistake.
LMAO……delusional Russian Studies finance minister always trying to be kewl, considering her appointment is WOKE based
She could have been PM.
The brain rot is real when politicians are trying to be cool by using random slang to explain things. That’s why they’re considered sus or slop politicians
We are entering the age where what is best is to crush our enemies, see them driven before us, and hear the lamentations of their women. No more facts!
The “vibe session” is a thing because what a recession is. 2 consecutive quarters of negative gdp growth.
Are we in a recession by the strict definition of the term? No.
Why are the vibes disconnected from reality.
1) population growth – gdp per capita has been declining for quite some time
2) purchasing power declines for the bottom 40%
“ bottom 40 per cent of incomes, purchasing power has outright declined. In the lowest quintile, or bottom 20 per cent of incomes, the average disposable income increased by roughly $1,500 between the end of 2019 and the first quarter of this year. During that same period, living costs grew by nearly $2,050”
https://www.theglobeandmail.com/business/article-living-costs-have-outpaced-incomes-for-bottom-40-per-cent-of-families/
A Mortgage broker said she has now seen 3 foreclosure homes being brought to her to get a mortgage on in the last 3 weeks. She also said she has probably seen 6 in her whole 20yr Mortgage career in the area I’m in.
Stuff is much worse than what the gov’t is letting on.
I personally like the term, in the sense that it embodies the feeling of things not going well economically when they are overall. It’s not particularly accurate in Canada, though, as even if our employment levels are decent, they aren’t improved; even if wages have grown more than much of inflation, they haven’t kept up with the housing bubble over the last 25/10/5/3 years.
In America, I’d argue that their numbers–from inflation, to wealth accumulation and buying power, to stock market growth has all been way better than how people think it’s going. They were always wealthier than Canadian, but now we are at a point where pretty close to every decile, except maybe the bottom 10% in America without Obamacare, are better off than their Canadian counterparts.
When news sources in America discuss the vibecession, whether you like the word itself or not, I think it is a salient, real phenomenon. In Canada? Not so much.
Conflict of interest. Let’s start with simple things.
She gaslights Canadians almost as well as Trudeau does!
Such a stupid thing to say.
Even if there’s some truth to it, it’s not something you can say as a politician and it’s shocking she didn’t know that.
Vibesectomy
The Liberals are so disconnected from Canadians looking down from their Ivory Tower. They’re not serious people.
Marie Antoinette speaks again.
Freeland is somehow more out of touch with the public than Trudeau. First with Canada having the apparent “social capacity” to absorb unlimited immigrants, to now the ignorant masses apparently just *thinking* that the economy is bad and that it’s simply a “vibecession” they’re experiencing.
Here is a link to that Substack: https://kyla.substack.com/p/the-vibecession-the-self-fulfilling?utm_source=%2Fprofile%2F13311420-kyla-scanlon&utm_medium=reader2
being an influencer with a substack doesn’t preclude one from being ‘an economist’ but regardless if it was fucking Keynes himself who coined ityou should know that using ‘vibescession’ in a national address is a political own goal
I feel like “vibecession” was a pretty accurate term for the US and that’s why it caught on. It’s a good description of an economy that is doing well by the numbers but the general public feels like it’s not.
As for Canada though, GDP per capita and unemployment could be better. It’s technically not a recession but the economy isn’t exactly on fire either. The pessimism feels justified.
The article forgets a vitally important issue though, which is raised by most people who discuss the Vibecession – the United States is not Canada, the United States is not the UK, the United States is not Australia, and the United states is not New Zealand. The United States has seen remarkable GDP per capita growth since the pandemic. It has seen real wage growth in every income bracket.
That is not the case in the rest of the Anglosphere, and so the “vibes” were off because online, many English speakers were *actually facing negatively trending economic conditions* while in the US *they weren’t*. There was absolutely a vibecession in the US (there was a decoupling of consumer confidence and GDP growth/unemployment rates), but the United States is not Canada.
of course these are the experts they are referring to lol
Jesus Christ, our finance minister is getting her speaking points (and likely education in economics and finance) from an influencer? That tracks. Thoughts and prayers Canada.
This is so embarrassing. I don’t understand how this administration continues to stay in power without dying of embarrassment.
This “influencer”, Kyla Scanlon, is an economist who had interviews with Federal Chairmen in the US. It’s not some random nobody. She even published a book about the economy recently. This is just using the name “TikTok” to de-legitimize a part of the problems. Peoples feelings towards the economy can effect how they spend.
Shecession Vibecession Recession Succession!