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Hassett: "There's a chance that job creation lags, productivity skyrockets, profits skyrocket, GDP skyrockets, but then all of the sudden you're making 20 widgets and you can make 20 widgets with fewer persons, and then that person has to find a new job. I think that kind of transition could happen"

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More of exactly the same rhetoric that got us here. Money for the rich, nothing for the Middle Class and Poor.

But if the other widget makers are making more widgets for less money, they also don’t need widget workers so were is the widget worker supposed to find a job, Kevin 🧐

There is a chance you have no idea what is going on and are utterly full of shit but that sounds great for the u er rich and not so much for the majority of the country who will be unemployed and unable to buy widgets from the widget company.

So hes saying “ I understand how some people will get rich” while telling you the 99% will have to learn to eat” real food” with their unemployment checks

And here all this time I thought that when the undocumented immigrants left the country MAGA would be fully employed as meatpackers, field workers, landscapers, hospitality, transportation & warehousing, construction workers, small business owners, engineers, healthcare, … What happened?

"There's a chance we'll totally wipe out the need for semi-skilled workers and we can make 100 widgets an hour but since nobody will have a job, prices will eventually fall so that kind of transition could happen and we'll blame democrats."

Oh so… jobs will eventually go up when profiteers make too much money & workers make not enough to buy - that’s when the magic jobs door opens? When we each need 3?? Got it!! Would like required MATH EXAMS now for anyone heading business, finance, science, healthcare, education……

Right now I’m focusing on the fact that more and more captains of industry — like Hassett — might just show up in the Epstein files and be called to account for it.

Smirky McBullshit can go fuck himself. What he really means is: "Just hurry the fuck up and die the fuck off, poors and brown people, so my masters don't have to worry about being taxed."

Nearly the entire recent surge in labor productivity (cost per unit output) comes from the wage suppressing power of low hiring rates. Biden's full employment economy generated strong wage pressure and the people who think the economy = stock market valuations HATED it.

You're making 20 widgets with fewer people because corporations are demanding people work to their breaking point. I have never once heard anyone say 'my job is easy because we have enough staff'. It's always 'we're low staffed so having to do twice the amount of work'.

Who the f is gonna buy the extra widgets?!? The unemployed American worker or AI robots🤔 Elon and Bezos arent gonna but them Consumer economy needs many, strong CONSUMERS

This was the unstated and unexamined foundation of the vibecession under Biden. Rather than tolerate inflation in the service of full employment, he should have set out to chop off the labor recovery at the knees for the benefit of the people who were able to keep their jobs.

This reminds me of an old lewis black skit where he didnt trust willard scott because he smilled too much to the point where Lewis felt he didnt have a nervous system. I dont trust hassett because his smile is the last thing small creatures see...

What the fuck is that word salad bullshit? They told us last qtr that wait until ‘26 when the economy will take off! I think we’ll be stuck at the launch pad blaming Biden for something

The way this POS smiles while spouting this stuff - I wouldn’t encourage someone to commit A & B, but I also wouldn’t feel bad if it happened.

This lying motherfucker didn't become the fed chair because the orange melon saw him as too goddamn effective at being a smirking, lying idiot. Willing to humiliate himself again and again in front of the nation. Fucking disgusting.

Hassett cheering exacerbation of K economy. It’s going to be great! “Corporate profits will skyrocket but there won’t be many jobs!” Yeah!

"Profits skyrocket" because capital continues to concentrate while jobs are cut and the economy stagnates and "widgets" are whatever lies they can tell with more data centers for AI. bsky.app/profile/atru...

Aaron Rupar@atrupar.com

Hassett: "There's a chance that job creation lags, productivity skyrockets, profits skyrocket, GDP skyrockets, but then all of the sudden you're making 20 widgets and you can make 20 widgets with fewer persons, and then that person has to find a new job. I think that kind of transition could happen"

Imports are a subtraction from GDP. Imports go down, GDP goes up even though overall economic activity is less. Foreign capital investment gets smaller, driven partly by weaker dollar. Less investment, fewer jobs. Fewer jobs, less economic activity, domestic employers cut jobs. It’s Trumponomics

Joseph Stiglitz, Economist: Globalization Is Producing “Rich Countries With Poor People” - AS USA 💯 The Nobel Prize winner in Economics warns about the inequalities generated by the current economic model and advocates for regulated globalization. en.as.com/latest_news/...

en.as.comJoseph Stiglitz, economist: Globalization is producing “rich countries with poor people”The Nobel Prize winner in Economics warns about the inequalities generated by the current economic model and advocates for regulated globalization.

An economy where profits skyrocket while workers are told to “find a new job” isn’t success, it’s a transfer of gains upward. If productivity rises but people fall, the system is working exactly as designed—for the wrong people.

"Hey guys, come on, let's be fair here, sure, you might have to find a new job, but at least there won't be any new jobs available, win win! Economy skyrocket!" Great plan, very smart and serious people we got here.

He knows the report will absolutely suck. But the wealthy oligarchs are kicking ass while they are kicking folks to the curb. Golden Age. Somehow this is Biden's fault. They're still working on that.

I think it's likely to happen if it isn't already happening and here's a solution. Increase tax on corporations, who are now more profitable, and bring back a Public Works program to offer civic employment to unemployed people and "de-shittify" our communities. Win-win. Of course a MAGA govt /1

See I think some of these fools buy it, & some are just looking to hold a threat over the heads of workers following a labor shortage. AI sucks. It won’t replace humans. Robotics will replace some, but we’ve effectively torched our labor force with COVID deaths/retirements & immigration policies.

If your expertise is making widgets and no one is hiring widget makers anymore, any new job, if one is even available, will likely be less skilled, leading to a diminished standard of living. Whereas widget factory owners will get richer. That’s what he’s telling us with a smile.

The AI economic paradox. If AI does everything they promise then the economy collapses. And if AI doesn't do everything they promise then the economy collapses. Either way its pitchforks and torches time

And no one is remotely trying to put a plan in place for this AI led transition. God forbid you derive your income through labor rather than capital. You’ll just have to get in the bread lines!

translation: give us a year and we will make more widgets. in other words, we have no plan but trust us past the midterms and we will prove to you we have no plan.

There won’t be any jobs, but big companies will make huge profits…this is the kind of Republican messaging I hope they continue with. 😁

Superbowl ad "ferris buewlers" day off isn't the plus they think. It showed AI is going to take their jobs especially those lower paid white collar workers.

AI may end up collapsing the middle class. Then it will be the ultra rich and powerful who control AI and the poor rest scrounging around for any menial job. Basically becoming slaves for the rich.

I'd have thought not employing any more people than absolutely necessary is what CEOs get paid for. Their millions are the wages of people they didn't fully staff their companies with.