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   America's invisible recession
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   Plus: Dario Amodei's blunt take on AI's failure to deliver.
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              Tuesday, August 18, 2026
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               Allison Joyce / Bloomberg via Getty Images
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               The 'boomcession' is here. GDP is up and your paycheck 
is shrinking
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               By every textbook measure, the U.S. isn't in a recession. The economy grew 1.5% last quarter and unemployment sits at 4.1%. But real wages have barely budged while prices, utility bills, 
and housing costs keep climbing. Most Americans say they feel worse off than they did before the pandemic.
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               Matt Stoller, research director at the American Economic Liberties Project, described this paradox as a "boomcession." It happens when the economy is doing well and households still can't pay their bills, when GDP grows and stocks rise while inflation eats up the average earner's paycheck.
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               Stoller puts a name on something millions of workers already feel. Their paychecks buy less than they did a year ago, their utility bills are climbing because of infrastructure they didn't ask for, and for the youngest white-collar workers, the jobs themselves are starting to disappear.
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               In a traditional recession, falling GDP and rising unemployment force policymakers to act. In a boomcession, the alarms never go off. GDP keeps growing, unemployment
stays low, and the workers falling behind never show up in the data that drives policy. The danger is that the economy is working well enough, for enough people, that no one with the power to intervene believes there's a problem.
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                      Sponsored
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                     </a>
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                   </tr>
                   <tr class="trpad20" style="background-color:#F9F8F6">
                    <td class="editor-cell-text td100" colspan="6" style="padding:10px 
20px;font-family:Arial,Helvetica,sans-serif;color:#121721;line-height:1.6;width:560px;background-color:#F9F8F6;font-size:24px;vertical-align:top;mso-line-height-rule:exactly" width="560">
                     <h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;font-weight:bold;color:#121721">
                      <span style="color:#121721">
                       Explore Europe, Your Way, with Tourlane
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                    <td class="editor-cell-text td100" colspan="6" style="line-height:1.6;width:560px;background-color:#F9F8F6;padding:20px;color:#121721;font-size:16px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;mso-line-height-rule:exactly" width="560">
                     <div>
                      Handpicked, personalized, and unforgettable. Discover Scotland’s rugged landscapes, France’s historic charm, Italy’s rich culinary scene, or the UK’s royal heritage. Each trip carefully crafted by a local travel expert just for you.
                     </div>
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                      <br/>
                     </div>
                     <div>
                      With Tourlane, everything is handled in one place, 
from personalized itineraries and 1:1 planning sessions to local support from travel experts every step of the way. Our bespoke team designs custom European trips tailored to your preferences, including multi-country journeys across Europe.
                     </div>
                     <div>
                      <br/>
                     </div>
                     <div>
                      Start with a free 30-minute call to get your personalized travel plan. Quartz readers get 3% off bookings using code TRAVEL2026W
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                   <tr class="trpad10" style="background-color:#F9F8F6">
                    <td class="td100" colspan="6" style="width:580px;background-color:#F9F8F6;vertical-align:middle;text-align:center;color:#00D5FF;padding:10px;font-family:Arial,Helvetica,sans-serif;font-size:16px" width="580">
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                        <td align="center" bgcolor="#000000" style="text-align:center;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;color:#00D5FF;font-family:Arial,Helvetica,sans-serif;font-size:16px">
                         <table align="center" border="0" cellpadding="0" cellspacing="0" style="border:none;border-spacing:0;border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0;mso-margin-top-alt:0px;mso-margin-bottom-alt:0px;mso-padding-alt:0px 0px 0px 0px;margin-left:auto;margin-right:auto" width="100%">
                          <tbody>
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                            <td height="50" style="vertical-align:middle;text-align:center;color:#00D5FF;font-family:Arial,Helvetica,sans-serif;font-size:16px" valign="middle">
                             <!--[if !mso]><!-->
                             <a style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 18px; font-weight: bold; border: 1px solid #000000; display: block; " target="_blank">
                              <!--<![endif]-->
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                                <td align="center" bgcolor="#000000" style="text-align:center;vertical-align:middle;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;color:#00D5FF;font-family:Arial,Helvetica,sans-serif;font-size:16px" valign="middle">
                                 <table align="center" bgcolor="#000000" cellpadding="0" cellspacing="0" style="-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;margin-left:auto;margin-right:auto" width="100%">
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                                    <td align="center" bgcolor="#000000" style="text-align:center;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;color:#00D5FF;font-family:Arial,Helvetica,sans-serif;font-size:16px">
                                     <!--[if !mso]><!-->
                                     <span style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 18px; font-weight: bold; border:
none; display: block; ">
                                      Plan your custom Europe trip with Tourlane!
                                     </span>
                                     <!--<![endif]-->
                                     <!--[if mso]><a href="https://www.ne16.com/t/11090388/222404108/9822239/1/1009235/?f5d63f87=REIlMjAwOC0xOA&x=3d46ddf4" target="_blank" style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 18px; font-weight: bold; border: none; display: block; ">Plan your custom Europe trip with 
Tourlane!</a><![endif]-->
                                    </td>
                                   </tr>
                                  </tbody>
                                 </table>
                                </td>
                               </tr>
                              </tbody>
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                             <!--[if !mso]><!-->
                             <!--<![endif]-->
                            </td>
                           </tr>
                          </tbody>
                         </table>
                        </td>
                       </tr>
                      </tbody>
                     </table>
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                    <td class="td100" colspan="6" height="24" style="background-color:#F9F8F6;width:600px;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#121721" width="600">
                     <!--[if mso]><img src="//editor.ne16.com/spacer.gif" 
style="mso-hide:all;border:0;"><![endif]-->
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                </td>
               </tr>
              </tbody>
             </table>
            </td>
           </tr>
           <tr>
            <td class="td100" colspan="6" height="24" style="width:600px;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#121721" width="600">
             <!--[if mso]><img src="//editor.ne16.com/spacer.gif" style="mso-hide:all;border:0;"><![endif]-->
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            <td class="editor-cell-text td100" colspan="6" style="padding:10px;width:580px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:16px;color:#121721" width="580">
             <h1 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:32px;font-weight:bold;color:#121721">
              <span style="font-family:Arial">
               Today's Poll
              </span>
             </h1>
            </td>
           </tr>
           <tr>
            <td class="td100" colspan="6" style="width:600px;vertical-align:middle;text-align:center;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721" width="600">
             <div class="editor-email-poll" data-pollid="99050539-dd79-4295-849e-89d5b4b411a9">
              <h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;font-weight:bold;color:#121721">
               Is the U.S. in a recession without showing it?
              </h2>
              <div>
               <br/>
              </div>
              <div class="editor-poll-answers classic">
               <table align="center" border="0" cellpadding="0" cellspacing="0" style="margin:0 auto 8px auto" width="100%">
                <tbody>
                 <tr>
                  <td align="center" bgcolor="#000000" style="text-align:center;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721">
                   <table align="center" border="0" cellpadding="0" cellspacing="0" style="border:none;border-spacing:0;border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0;mso-margin-top-alt:0px;mso-margin-bottom-alt:0px;mso-padding-alt:0px 0px 0px 0px;margin-left:auto;margin-right:auto" width="100%">
                    <tbody>
                     <tr>
                      <td height="40" style="vertical-align:middle;text-align:center;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721" valign="middle">
                       <!--[if !mso]><!-->
                       <a style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: 1px solid #000000; display: block; " target="_blank">
                        <!--<![endif]-->
                       </a>
                       <table align="center" bgcolor="#000000" cellpadding="0" cellspacing="0" class="newButton" height="40" style="-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;padding:10px;mso-padding-alt:10px;margin-left:auto;margin-right:auto" width="100%">
                        <tbody>
                         <tr>
                          <td align="center" bgcolor="#000000" style="text-align:center;vertical-align:middle;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721" valign="middle">
                           <table align="center" bgcolor="#000000" cellpadding="0" cellspacing="0" style="-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;margin-left:auto;margin-right:auto" width="100%">
                            <tbody>
                             <tr>
                              <td align="center" bgcolor="#000000" style="text-align:center;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721">
                               <!--[if !mso]><!-->
                               <span style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: 
block; ">
                                Yes. 1.5% GDP growth masks the real pain
                               </span>
                               <!--<![endif]-->
                               <!--[if mso]><a href="https://www.ne16.com/t/11090388/222404108/10374558/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwOC0xOA&x=e03008d0" target="_blank" style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: 
block; ">Yes. 1.5% GDP growth masks the real pain</a><![endif]-->
                              </td>
                             </tr>
                            </tbody>
                           </table>
                          </td>
                         </tr>
                        </tbody>
                       </table>
                       <!--[if !mso]><!-->
                       <!--<![endif]-->
                      </td>
                     </tr>
                    </tbody>
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                </tbody>
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               <table align="center" border="0" cellpadding="0" cellspacing="0" style="margin:0 auto 8px auto" width="100%">
                <tbody>
                 <tr>
                  <td align="center" bgcolor="#000000" style="text-align:center;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721">
                   <table align="center" border="0" cellpadding="0" cellspacing="0" style="border:none;border-spacing:0;border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0;mso-margin-top-alt:0px;mso-margin-bottom-alt:0px;mso-padding-alt:0px 0px 0px 0px;margin-left:auto;margin-right:auto" width="100%">
                    <tbody>
                     <tr>
                      <td height="40" style="vertical-align:middle;text-align:center;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721" valign="middle">
                       <!--[if !mso]><!-->
                       <a style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: 1px solid #000000; display: block; " target="_blank">
                        <!--<![endif]-->
                       </a>
                       <table align="center" bgcolor="#000000" cellpadding="0" cellspacing="0" class="newButton" height="40" style="-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;padding:10px;mso-padding-alt:10px;margin-left:auto;margin-right:auto" width="100%">
                        <tbody>
                         <tr>
                          <td align="center" bgcolor="#000000" style="text-align:center;vertical-align:middle;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721" valign="middle">
                           <table align="center" bgcolor="#000000" cellpadding="0" cellspacing="0" style="-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;margin-left:auto;margin-right:auto" width="100%">
                            <tbody>
                             <tr>
                              <td align="center" bgcolor="#000000" style="text-align:center;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721">
                               <!--[if !mso]><!-->
                               <span style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: 
block; ">
                                No. The economy is strong right now
                               </span>
                               <!--<![endif]-->
                               <!--[if mso]><a href="https://www.ne16.com/t/11090388/222404108/10374559/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwOC0xOA&x=e6dd8424" target="_blank" style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: 
block; ">No. The economy is strong right now</a><![endif]-->
                              </td>
                             </tr>
                            </tbody>
                           </table>
                          </td>
                         </tr>
                        </tbody>
                       </table>
                       <!--[if !mso]><!-->
                       <!--<![endif]-->
                      </td>
                     </tr>
                    </tbody>
                   </table>
                  </td>
                 </tr>
                </tbody>
               </table>
               <table align="center" border="0" cellpadding="0" cellspacing="0" style="margin:0 auto" width="100%">
                <tbody>
                 <tr>
                  <td align="center" bgcolor="#000000" style="text-align:center;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721">
                   <table align="center" border="0" cellpadding="0" cellspacing="0" style="border:none;border-spacing:0;border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0;mso-margin-top-alt:0px;mso-margin-bottom-alt:0px;mso-padding-alt:0px 0px 0px 0px;margin-left:auto;margin-right:auto" width="100%">
                    <tbody>
                     <tr>
                      <td height="40" style="vertical-align:middle;text-align:center;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721" valign="middle">
                       <!--[if !mso]><!-->
                       <a style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: 1px solid #000000; display: block; " target="_blank">
                        <!--<![endif]-->
                       </a>
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                        <tbody>
                         <tr>
                          <td align="center" bgcolor="#000000" style="text-align:center;vertical-align:middle;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721" valign="middle">
                           <table align="center" bgcolor="#000000" cellpadding="0" cellspacing="0" style="-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;margin-left:auto;margin-right:auto" width="100%">
                            <tbody>
                             <tr>
                              <td align="center" bgcolor="#000000" style="text-align:center;-webkit-border-radius:25px;-moz-border-radius:25px;border-radius:25px;font-size:16px;font-family:Arial,Helvetica,sans-serif;color:#121721">
                               <!--[if !mso]><!-->
                               <span style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: 
block; ">
                                It depends on your tax bracket
                               </span>
                               <!--<![endif]-->
                               <!--[if mso]><a href="https://www.ne16.com/t/11090388/222404108/10374560/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwOC0xOA&x=c55af120" target="_blank" style="-webkit-border-radius: 25px; -moz-border-radius: 25px; border-radius: 25px; color: #00D5FF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: block; 
">It depends on your tax bracket</a><![endif]-->
                              </td>
                             </tr>
                            </tbody>
                           </table>
                          </td>
                         </tr>
                        </tbody>
                       </table>
                       <!--[if !mso]><!-->
                       <!--<![endif]-->
                      </td>
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              </div>
             </div>
            </td>
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           <tr>
            <td class="td100" colspan="6" height="24" style="width:600px;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#121721" width="600">
             <!--[if mso]><img src="//editor.ne16.com/spacer.gif" style="mso-hide:all;border:0;"><![endif]-->
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            <td class="editor-cell-text td100" colspan="6" style="padding:10px;width:580px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:16px;color:#121721" width="580">
             <h1 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:32px;font-weight:bold;color:#121721">
              <span style="font-family:Arial">
               Here's what you need to know
              </span>
             </h1>
            </td>
           </tr>
           <tr>
            <td class="snippet td100" colspan="6" style="width:600px;position:static;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:16px;color:#121721" width="600">
             <table align="center" border="0" cellpadding="0" cellspacing="0" class="dragndrop" data-rss-posts="undefined" height="100%" style="table-layout:fixed;margin-left:auto;margin-right:auto" width="100%">
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                 <a aria-label="" style="color:#121721" target="_blank" title="">
                  <img alt="" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D75%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2240481589.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODcwNDc2NzMuMDI0NDIzNH0:1wwGjZ:_ncXcx29uLAu9hjs8Li1WxEcN02WUnJAI70Pj5pib6o" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
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                <td class="editor-cell-text td100" colspan="4" style="background-color:#F9F8F6;padding:10px;font-size:16px;font-family:Arial,Helvetica,sans-serif;width:380px;line-height:1.4;vertical-align:top;color:#121721;mso-line-height-rule:exactly" width="380">
                 <div>
                  <strong style="color:#17253D">
                   <a data-linktext="Goldman Sachs says a September rate hike is very unlikely." data-linktype="Normal" style="color:#17253D" target="_blank">
                    Goldman Sachs says a September rate hike is very unlikely.
                   </a>
                  </strong>
                  Chief economist Jan Hatzius argued that softening retail spending, weak job numbers, and cooling inflation all signal 
an economy that doesn't need higher borrowing costs, and that markets are pricing in too many hikes.
                 </div>
                </td>
               </tr>
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                <td class="td100" colspan="6" height="24" style="background-color:#F9F8F6;width:600px;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#121721" width="600">
                 <!--[if mso]><img src="//editor.ne16.com/spacer.gif" style="mso-hide:all;border:0;"><![endif]-->
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                   <a data-linktext='OpenAI president says executive departures are "not that atypical."' data-linktype="Normal" style="color:#17253D" target="_blank">
                    OpenAI president says executive departures are "not that atypical."
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                  Greg Brockman said 
the recent wave of exits has drawn attention only because of how prominent OpenAI has become, adding that the pace of leadership changes is ordinary for a rapidly growing tech company.
                 </div>
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                   The fast-fashion retailer was aiming 
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                  </span>
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                  The position in Elon Musk's rocket company accounts for more than half of the $4.3 billion in U.S. equities in Harvard 
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                    Ferrari's electric car sells for
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