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Economists warn of mounting "stagflation" risks - YouTube
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stock futures are up this morning after
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a volatile week and this comes after the
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fed hiked interest rates amid growing
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fears of a recession dow future jumped
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458 points while the s p climbed over
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1.7
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tesla ceo elon musk says that the
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company will cut its salaried workforce
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by nearly 10 over the next three months
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the company has grown to about a hundred
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thousand employees across the globe and
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the cuts will impact everyone from human
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resources to software engineers
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rolls-royce employees in the uk are
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getting a boost to help combat economic
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uncertainty about fourteen thousand
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staff will see a one-time bonus of about
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twenty five hundred dollars and eleven
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thousand workers will also be offered a
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four percent raise wow
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while the president tries to calm nerves
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around a recession economists are
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keeping an eye on stagflation a term
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popping up more and more as inflation
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soars and the economy shows signs of
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slowing down so joining me now to talk
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more about this is rachel siegel she is
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an economics correspondent for the
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washington post post boy we are learning
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all these new terms now i always thought
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there was only one kind of recession now
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i've learned there are many different
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types of recession and now i'm learning
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about stagflation um what does it mean
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and what does it mean sort of for an
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economist and what does it mean in real
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terms for me
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well as you mentioned it's a period of
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high inflation and slowing growth and
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the reason that that term is so visceral
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for economists and for americans is that
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it's a term that is used to describe the
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pain and really sort of fraught economic
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times of the 1970s and early 1980s it
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was a time of very high inflation when
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people felt it in every single part of
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their life even more so than they do
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today
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now even as there are concerns about a
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recession and obviously inflation that
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is way too high we're not there yet we
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have a lot of concerns about a recession
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but obviously any sort of frame of
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reference to decades ago is not very
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much comfort right now so then what are
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economists seeing when they start to
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talk about this are there any indicators
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that stagflation or recession is on the
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horizon
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well one of the main things that we look
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for that economists look for is a slip
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in consumer spending consumer spending
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is one enormous driver of the economy
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and it's also a reflection of how much
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confidence people have that they can
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spend money and that they won't end up
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having to pull back in order to make
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key savings down the line now we're not
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seeing major slowdowns in the data just
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yet but there are little anecdotes that
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are starting to bubble up that i think
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reflect the anxiety that people are
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starting to feel we're starting to see
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people pull back on eating at
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restaurants or booking travel or just
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wondering if maybe it's worth it to save
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now in case things become even more
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expensive later on those are signs that
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a recession could be on the horizon if
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the economy slows and we'll have to see
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if anything follows that
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you know the thing i think that concerns
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people the most when you hear recession
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is that there's going to be widespread
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layoffs it's really you know we just did
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the story about how tesla's going to be
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laying off but it's hard to tell if
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that's just something for the you know
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that for technology companies and not
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for other companies so what do you do if
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you're an average american you're
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watching this conversation how do you
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prepare for a possible recession how do
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you make your money last a little longer
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sure i mean i think any form of saving
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right now is some of the best things
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that people can do paying off credit
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card debt as interest rates go up it is
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possible that the unemployment rate will
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tick up just a bit as policymakers do
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everything within their power to slow
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down the economy the hope is that there
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won't be
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widespread layoffs or anything close to
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the kind of unemployment that we saw at
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the beginning of the pandemic but there
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certainly is a fear that in order to
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control inflation that there might have
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to be trade-offs in the other direction
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in order to slow the economy down
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especially since officials can't really
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do that with the kind of precision that
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would avoid layoffs but as you mentioned
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saving making sure that you're in a
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secure job uh paying off credit card
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debt are some of the key things people
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can do now especially if they're
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starting to have nerves about what might
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come in the future all right rachel
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siegel thank you very much
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thank you
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