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What Next | Daily News and Analysis

Our Very Weird Economic Recovery

What Next | Daily News and Analysis

Slate Podcasts

Daily News, News, News Commentary

4.32.4K Ratings

🗓️ 18 May 2021

⏱️ 24 minutes

🧾️ Download transcript

Summary

After the passage of Joe Biden’s big coronavirus stimulus package, economists expected to see a huge jobs report in May. In the end, only a quarter of the expected 1 million new jobs materialized. Why is that? And what are the chances that $1.9 trillion in stimulus funding is backfiring? Guest: Jordan Weissmann, Slate’s senior business and economics correspondent If you enjoy this show, please consider signing up for Slate Plus. Slate Plus members get benefits like zero ads on any Slate podcast, bonus episodes of shows like Slow Burn and Dear Prudence—and you’ll be supporting the work we do here on What Next. Sign up now at slate.com/whatnextplus to help support our work. Podcast production by Mary Wilson, Davis Land, Danielle Hewitt, Elena Schwartz and Carmel Delshad. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hey everyone, salty language ahead, but we're talking about the economy, so you know.

0:10.2

Jordan, can you choose an emoji for the economy right now?

0:18.8

Uh, the head exploding emoji, I think. I was gonna go with Lollsob.

0:23.5

No, I think the brain exploding.

0:25.2

The emoji is why? Um, because everyone's brain is kind of breaking as we're trying to figure out

0:32.8

what exactly is going on during this reopening process, which is, uh, economically it's a

0:40.6

becaotic right now. This chaos Jordan's talking about is mostly in the minds of people like him,

0:47.1

analysts whose job it is to issue some kind of judgment about the way money moves in this country.

0:53.1

They've got all kinds of metrics to measure the economy's growth, take the consumer price index.

0:58.9

It currently shows costs rising. The average price of a new car above $25,000. We've never seen that before.

1:07.6

Air fares, those are also going up. Just in there's the monthly jobs report.

1:12.5

The desk, we're gonna bring in the numbers right now.

1:14.2

And the answer is a giant miss, right?

1:17.0

It's only 266,000 jobs added in the period, which is a real disappointment for April.

1:22.4

You had economists looking for more like a million.

1:24.8

One thing you would expect to see is that as the vaccination rate rises, more people will go back to work,

1:30.1

right? You would see the jobs recovery kind of speed up.

1:32.8

Is that what we're seeing? Not really.

1:35.2

And so it's, at least as far as you can kind of tell from eyeball in the data.

1:42.5

You and I see when I look at how the numbers are being talked about generally,

1:46.9

I see so much impatience. And I just think it's really interesting, because I think there's an impatience

1:54.8

on all levels in our lives right now, and impatience to take our masks off, and impatience to

...

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