Think young people are hostile to capitalism now? Just wait for the next recession.

The radicalizing experience of the Great Recession is set to repeat itself

A protester.
(Image credit: Illustrated | EMMANUEL DUNAND/AFP/Getty Images, -slav-/iStock)

Though the panic that erupted during the summer months about a potential recession has cooled somewhat since, especially with the impeachment drama taking up most of our collective attention, signs of a looming economic downturn nevertheless remain. Job growth has slowed, levels of corporate and consumer debt have both reached all-time highs (surpassing levels last seen before the Great Recession), and the yield curve measuring the difference between 10-year and 3-month Treasury bond yields has been "inverted" for months. The economist Campbell Harvey, whose research showed that the inverted yield curve accurately predicted the last seven recessions, recently said that the indicator is "flashing code red."

"It's not normal. It's something that foreshadows bad times," observed Campbell.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us