Joe.My.God. LGBT News
The Futurist reports:
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.
Read the full article.
It seems almost unavoidable at this point that we are headed for a deep, deep recession. Just based on 200K+ federal firings & pullback of contracts, 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.
— Jesse Rothstein (@jrothst.bsky.social) February 18, 2025 at 8:37 PM
To be clear: Even greater damage will be done by the loss of federal government productivity. The workers who are losing their jobs were worth more than they were being paid! We are all poorer when roads, planes, and food are unsafe, when parks are closed, etc.
— Jesse Rothstein (@jrothst.bsky.social) February 18, 2025 at 8:37 PM
This will show up in the March report, to be released on April 4. Why not in the February report, coming out March 7? Because that asks for employment in the pay period including Feb. 12, and the firings were nearly all too late for that.
— Jesse Rothstein (@jrothst.bsky.social) February 18, 2025 at 8:37 PM
How would you rate the relative impact of the 200+ job losses v contract cancelations, private sector uncertainty, etc? The jobs are at least predominantly concentrated in one region, which looks likely to be super hard hit. the contracts/grants are more spread across country.
— Josh Marshall (@joshtpm.bsky.social) February 18, 2025 at 9:49 PM