A “vibecession” has become a word in Canadian vocabulary. This relates directly to the old word “recession”.
Except, we thought we could quantify a recession. We could talk about the lack of money people had in objective terms. We set standards, as best as possible. We could talk about the signs of recession and forecast the loss of jobs, spending power and general economic malaise.
But, economists have coined the term “vibecession” to mean our evaluation of a recession/depression are tinged by our own sense (our vibe) of what is happening. We can be told objectively that we have reached certain standards of economic ability. But, in what could be called a “me-cession” (and actually is called this), we determine our own truth about whether we are in a recession based on our own situations. If you don’t have economic prowess or power, this is a “me-cession”. And quite literally this will lead to a recession as people determine their own use of their economic “power” based on their own perception of the sustainability of the economy.
Tell someone long enough, loud enough, and sincerely enough that they have no economic power and they will believe this. Or, they will look at their grocery bill, utility bills and determine life is no longer prosperous. Either way, forecasts of an upturn in the economy can be unhinged by a “vibecession”.
PS (an old term for a thought after the thought): This is in part a result of a society that has decided that their own truth is the truth for themselves – but in effect their truth vies with other truths to receive the transcendence in stating “what is truth”. Which begs the question: Does truth demand a transcendent “truth” or can we live with splintered “truths”?