NEW YORK (AP) — Most business economists think the U.S. economy could avoid a recession next year, even if the job market ends up weakening under the weight of high interest rates, according to a survey released Monday.
Only 24% of economists surveyed by the National Association for Business Economics said they see a recession in 2024 as more likely than not. The 38 surveyed economists come from such organizations as Morgan Stanley, the University of Arkansas and Nationwide.
Such predictions imply the belief that the Federal Reserve can pull off the delicate balancing act of slowing the economy just enough through high interest rates to get inflation under control, without snuffing out its growth completely.
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High rates work to slow inflation by making borrowing more expensive and hurting prices for stocks and other investments. The combination typically slows spending and starves inflation of its fuel. So far, the job market has remained remarkably solid despite high interest rates, and the unemployment rate sat at a low 3.9% in October.
More fundamentally, I think there are a lot of countries that could benefit from taking a good long look at themselves and asking –
Because I think a lot of countries have just straight-up lost the plot. They’ve lost sight of, and fail to articulate, their purpose for existing, and thus squander phenomenal resources on bullshit. They live in myths and fantasies and old cultural scripts that haven’t been relevant or functional since the mid-70s.
I think honest answers to those questions would kind of horrify people – at least, they should horrify American citizens – and it might spark an actual change of direction.