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Johnny Harris is an Emmy-winning independent journalist and contributor to the New York Times. Based in Washington, DC, Harris reports on interesting trends and stories domestically and around the globe, publishing to his audience of over 3.5 million on Youtube. Harris produced and hosted the twice Emmy-nominated series Borders for Vox Media. His visual style blends motion graphics with cinematic videography to create content that explains complex issues in relatable ways.
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BREAKING: Recession News
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Are we in a RECESSION?
The global economy has been experiencing significant fluctuations and uncertainties in recent times, leading many to question whether we are currently in a recession. A recession is generally defined as a period of declining economic growth, typically measured by a decrease in a country’s gross domestic product (GDP) for two consecutive quarters. While some indicators suggest that we may be heading towards a recession, others paint a more optimistic picture. So, let’s take a closer look at the current state of the global economy and determine whether we are indeed in a recession.
One of the key indicators of a recession is GDP growth, which measures the total value of goods and services produced within a country. In many countries, including the United States, the first quarter of 2020 showed a sharp decline in GDP due to the COVID-19 pandemic and subsequent lockdown measures. This contraction was followed by a rebound in GDP growth during the second and third quarters, which led to a heated debate among economists on whether a recession had occurred. It is important to note that a single quarter’s decline does not necessarily indicate a recession; sustained contraction is required for a recession to be officially declared.
Unemployment rates are another vital aspect to consider when determining whether we are in a recession. During periods of economic decline, companies often resort to layoffs and unemployment rates tend to rise. In the wake of the pandemic, many businesses were forced to shut down temporarily, leading to a surge in job losses worldwide. Throughout the latter half of 2020, unemployment rates in various countries were at unprecedented levels. Although efforts have been made to revive employment, with some countries experiencing a recovery, it still remains a challenge and a cause for concern.
Consumer spending patterns also play a significant role in indicating the presence of a recession. During economic downturns, consumers tend to cut back on their spending, which has a knock-on effect on businesses. In 2020, consumer spending witnessed a sharp decline as people prioritized essentials over non-essential items. However, as countries began to ease restrictions and reopen their economies, there has been a gradual recovery in consumer spending. This recovery, though positive, is not yet at pre-pandemic levels and remains a sign of the lingering impact of the recessionary period.
Furthermore, the stock market is often seen as a barometer of economic health. During a recession, stock prices tend to fall as investors become cautious about the future of businesses. In 2020, the global stock markets experienced significant volatility due to uncertainty surrounding the impact of the pandemic. Although markets have shown signs of recovery since the initial crash in March 2020, the overall volatility and fluctuations suggest ongoing instability.
In conclusion, while some indications point to the possibility of a recession, it is crucial to recognize that the global economy is a complex entity with numerous factors influencing its trajectory. Economic activity has certainly been severely impacted by the COVID-19 pandemic, leading to declines in GDP, rising unemployment rates, reduced consumer spending, and stock market volatility. However, the true extent and duration of a recession can only be determined retrospectively. It is essential for countries to implement effective policies and strategies to support their economies during these challenging times and work towards recovery and growth.
This is a clip from Why Recessions Happen: https://youtu.be/EhyOQ0QMINg
We ARE in recession, people dont buy cuz they are just getting by already and uneployment will boom once companies cannot pay back their debts (rate hikes) , everything is one huge mix of decisions
We’re in a depression it’s just getting started
India be like -even if our economy is growing and face zero recession, we are still unemployed .
I know that we are not in a legally defined recession… however this is measured off how the economy is doing and the majority of the economy is measured by how rich people and corporations are making a profit. Our measure of recession and depressions are skewed and does not give a real picture of what the majority of Americans are going through. If it was actually measured off that, then yes absolutely we have been going through a recession. But who cares about measuring this based off the majority of Americans when we can just measure it off the majority of wealth.
It's not that employment is strong. It's that productivity tanked after Covid.
Democrats selling out our country.
We are in a bloody recession so if people are being ignorant… that's their problem – the rest of us will make decisions accordingly!
Seems like our savings and politicians actions are working (till now) and we've might learned how to act in such situations
We must build a better system than what's currently available, because the economy only works if people constantly spend money, then it doesn't deserve to run!
I hope this recession does not affect pensions, I plan to start my retirement in coming months. I may not have started early enough, but better late than never. Are there any good tips on how I should go about this?
My wallet & bank account are in recession…..
Low employment means nothing if wages don’t keep up with inflation. Just because everyone has a job doesn’t mean that job is very good.
Therefore, Fear is Recession
I believe our gdp is being artificially increased by our government arms going to Ukraine.
All that money going to the military industrial complex.
The war in Ukraine helps . I mean , US sends weapons . Makes, them exports them and keeping economy busy . But you might say oh , but we don't get money for it. Yes , you don't need to because the US can print however amount of money. This war help the US but the history will show what happens next ….
The fact that this "war in Ukraine" is impacting us WHATSOEVER as the largest world economic power says enough about the massive corruption in our government
Upgrade to a new way of spending, by investing recession is coming protect your capital
We're entering
Unemployment data is kabuki. It’s way off.
Maybe you will be the one to break the story and wake up the Fed.
The Gig Economy.
How big is it? Really? 20%? 30% of the labor market?
What’s funny is the Dallas Fed had a report in 2018 about how the gig economy disrupted the Phillips Curve and how it also kept inflation down (along with online retailing).
Think about how we judge labor slack….by new and continuing claims for UI benefits.
As expanded UI claims phased out and Lockdown waned a large cohort of labor market participants rotated to Gig Work.
Eventually they exhausted any old benefits accrued pre Lockdown and could no longer file claims when they stopped a Gig.
They disappeared from the BLS data.
Thus our labor market seems tight. We can’t see the slack that is really there. We can see a shadow of this from the lack of participation data.
So the Fed keeps their foot on the gas with rate hikes waiting for the labor market to soften.
And it already is limp.
I’m just words in a YouTube comment section but I leave you with this:
How do we know the size of the Gig Economy? Well, the BLS conducts something called the Contingent Workers Supplement.
The last one was 2017.
Sit with this.
Think….is the Gig Economy larger now then in 2017? Perhaps much larger?
Did some massive event take place that allowed people to realize they could set their own hours and live their life and not return to service or retail?
Hmmmmmm
Yes. We are.
Considering it takes five earths to support a planet where everyone lives like an American
We're going to need to redefine this term when we enter de-growth
the answer is yes because the baseline was altered
Yes
USA is in Recession but Joe won't admit it.
Remember unemployment numbers only count people looking for work. The total number who don't have a job is much higher. Low GDP and low unemployment = lots of people have given up or had enough and aren't even looking for work.
How is unemployment rate calculated? Do they take into account spouses that willingly dont work?
it is a recession…they changed the definition to help the left …and that blip was from billions of dollars of stimulus
Rezessions are a product of capitalism. If it’s not here now, then it will be next year.
First
Yes. The only thing helping the GDP is military spending to help fund a proxy war in Ukraine
Why do i feel like.. you look like that guy from vsauce?
The people who do the most spending make the least money. I wonder what could be done about that? I would say raises would help, but the people that could do that think that would break them.
Recession is coming, it's only delayed by the effects of covid (liquidity trap), bogus unemployment numbers and the federal printer working full time but don't worry the morning it happens the gouvernement gonna bail those "big banks" with our taxes.
The problem is also that covid knocked a lot of workers out of the economy, and it also hobbled a lot of people who can't work anymore.
Unemployment is defined by "is looking for work and has no job in the last X months" so if people are staying at home to care for people, they're not counted. If they're underemployed, they're not counted.
Do you know of ANYONE who isn't underemployed right now?
Who is at the job that's as many hours as they need, paying what they need, and using all the skills they bring to the table?
If they didn't change the definition of what a recession is, yes we most certainly are and have been in one.
I want America's recession ..when we don't even know that there is a recession or not .