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i think that's essentially how recession works. some job market or region becomes outmoded or otherwise disadvantaged; the lack of wages means the workers lack
by abiox 10y ago
i think that's essentially how recession works. some job market or region becomes outmoded or otherwise disadvantaged; the lack of wages means the workers lack income to engage with other businesses, which are in turn financially impacted, and so on, spiraling out.
- glangdale 10y agoExactly. The feeling of being in a 'house of cards' is never so strong as when I'm around my own, rather hipster neighborhood - where you have a lot of handsomely paid 'creatives' doing jobs that seem like the frothiest portion of our current economy and spending their money on ridiculously priced burgers, etc. These folks have jobs that are about as far as you could get from being automated, but I would be very surprised to see any of them keep their jobs if there was a nasty crunch.