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Dissecting the 2023 Economy | Diane Swonk
Dec 26, 2023
Diane Swonk, Chief Economist at KPMG, dissects the 2023 economy with a focus on consumer resilience, inflation, employment gains, changing labor market dynamics, decline in wages, and the outlook for 2024 economy.
48:59
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Quick takeaways
- The podcast highlights the fragility of the economy due to external shocks and emphasizes the importance of endurance rather than strength.
- The podcast raises concerns about the Treasury market's ability to raise enough money to sustain the growing deficit and emphasizes the need for tough decisions to achieve fiscal sustainability.
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Summary of the podcast episode
The podcast episode discusses how the pandemic accelerated and amplified existing trends, leading to global fragmentation and less efficient trade. The chief economist at KPMG, Diane Swank, explains why economists got the last 12 months wrong, with the Fed misjudging the economy and inflation cooling faster than wages. She highlights the resilience of the US consumer and the concentration of employment gains in sectors such as healthcare, leisure, and government. Swank emphasizes the fragility of the economy due to external shocks and the importance of endurance rather than strength. She also touches on the challenges posed by rising debt, aging populations, and the need for tough decisions to achieve fiscal sustainability.
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