this post was submitted on 27 Oct 2024
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Late Stage Capitalism

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cross-posted from: https://lemmy.ml/post/21841560

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[–] solsangraal@lemmy.zip 3 points 9 months ago (2 children)

also, don't forget, pre-covid: "you should have enough money set aside in savings to live without income for SIX MONTHS!!!"

covid lockdowns: "our $ multibillion corporation is going to DIE if we don't end the lockdowns RIGHT NOW!!!!"

[–] WoahWoah@lemmy.world 1 points 9 months ago* (last edited 9 months ago)

Related: 75% of Americans don't have enough money in savings to cover their bills for six months. That's why a recession--which leads to a shrinking number of jobs and decreased consumer demand--is such a huge, dramatic siren for the fed and government. A recession for a nation where a large majority are basically flying without a safety net has an even bigger effect on the recession feedback cycle.

In general our entire economy right now has the knob labeled "high-risk/high-reward" turned to 11. With that many people only a few months from not being able to pay car loans, rent, mortgage, and all their other bills, with huge consumer debt, with car loan defaults already rising, and, therefore, only an economic downturn away from not having the means to maintain robust consumer economy, things would go south in the US very fast and with increasing velocity.

[–] M137@lemmy.world 1 points 9 months ago

While at the same time reporting record profits...

[–] Diplomjodler3@lemmy.world 1 points 9 months ago

That neighbour shouldn't have spent all that money on avocado toast!

[–] fsxylo@sh.itjust.works 1 points 9 months ago

Guess I shouldn't have been an impressionable teenager that believed adults when I was told I'd work at McDonald's forever if I didn't take the loan. Egg on my face, haha.

[–] Kusimulkku@lemm.ee 1 points 9 months ago

250 000$ what the fuck

[–] Rooskie91@discuss.online 1 points 9 months ago (1 children)

Does this person not remember that literally everyone was upset about bailing the banks and auto industry out??? Like why are we pretending that those were popular decisions, and that the population is to blame?

[–] InternetCitizen2@lemmy.world 1 points 9 months ago

Yeah but no one opposed the other bailouts as hard as they did for students.