Ex-Labor Dept Economist: “Deep Recession” Is Coming
February 20, 2025

{snip}

Sinking Ship | Feb 20, 9:06 AM EST by Noor Al-Sibai

Economist Warns That Elon Musk Is About to Cause a "Deep, Deep Recession"

"This is going to be very, very bad."
/ Future Society/ Doge/ Donald Trump/ Economics

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.

"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," the professor wrote in his multi-post thread. "Add on to that enormous private market uncertainty — how could you hire in these conditions? — and this is going to be very, very bad."

{snip}