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Isn't prepared to do what exactly? Does The Atlantic think people are just going to lay down and die when it comes? People will deal with it the way they alwa

by cubano 9y ago

Isn't prepared to do what exactly? Does The Atlantic think people are just going to lay down and die when it comes? People will deal with it the way they always have of course, by modifying their behaviors to align with current financial realities. I really don't understand the point of article like this.

3pt14159 9y ago
There are systemic shocks that you're sweeping under the rug. If most people in a state is underwater on their house and they declare bankruptcy there is a real economic erosion that occurs. Foreclosed houses get looted, depressed people stop working, already stressed state finances break under the burden of further aid applicants. By saying they'll just "modify their behaviours" you're essentially saying they'll just "go on welfare or become homeless on the street". Most of America is not ready for the next recession, and it is coming at the worst time, when Baby Boomers are starting to strain the retirement and healthcare systems.
- ihsw2 9y ago
  Paradoxically, economic downturns disproportionately affect the economically advantaged. While the medium and lower classes' financial situations don't need to travel very far to reach the bottom, the rich (and super-rich) will see their income and wealth descend a steeper cliff much more violently. Skilled individuals can seek employment (at least until regional supply is exhausted) whereas wealth does not recover so quickly. What can take a generation to build up would be wiped out within a single fiscal year. War and economic recessions/depressions have a tendency to assiduously devour the rich. To be quite honest, war and economic depressions are the best way to reduce income inequality. The old adage of the tree of liberty needing to (regularly) be replenished by blood seems to apply.
ProAm 9y ago
> Does The Atlantic think people are just going to lay down and die when it comes? It's a definite possibility [1] [1] http://www.npr.org/sections/krulwich/2014/06/11/318885533/suicide-rate-in-u-s-and-europe-climbed-during-great-recession http://www.npr.org/sections/krulwich/2014/06/11/318885533/su...
namlem 9y ago
No worse, people will revolt, resulting in violence and instability. If we have another market crash in the US, the government is likely not going to do a good job dealing with it. If that happens, within a few years we can expect to see both fascist and socialist parties rise to power and start fighting it out for dominance.
foxyv 9y ago
> People will deal with it the way they always have of course, by modifying their behaviors to align with current financial realities. God what a beautiful way to describe violent protests and looting. They are just adjusting their behaviors to align with current financial realities!

by cubano 9y ago

3pt14159 9y ago

There are systemic shocks that you're sweeping under the rug. If most people in a state is underwater on their house and they declare bankruptcy there is a real economic erosion that occurs. Foreclosed houses get looted, depressed people stop working, already stressed state finances break under the burden of further aid applicants. By saying they'll just "modify their behaviours" you're essentially saying they'll just "go on welfare or become homeless on the street". Most of America is not ready for the next recession, and it is coming at the worst time, when Baby Boomers are starting to strain the retirement and healthcare systems.

ihsw2 9y ago
Paradoxically, economic downturns disproportionately affect the economically advantaged. While the medium and lower classes' financial situations don't need to travel very far to reach the bottom, the rich (and super-rich) will see their income and wealth descend a steeper cliff much more violently. Skilled individuals can seek employment (at least until regional supply is exhausted) whereas wealth does not recover so quickly. What can take a generation to build up would be wiped out within a single fiscal year. War and economic recessions/depressions have a tendency to assiduously devour the rich. To be quite honest, war and economic depressions are the best way to reduce income inequality. The old adage of the tree of liberty needing to (regularly) be replenished by blood seems to apply.

ProAm 9y ago

> Does The Atlantic think people are just going to lay down and die when it comes? It's a definite possibility [1] [1] http://www.npr.org/sections/krulwich/2014/06/11/318885533/suicide-rate-in-u-s-and-europe-climbed-during-great-recession http://www.npr.org/sections/krulwich/2014/06/11/318885533/su...

namlem 9y ago

No worse, people will revolt, resulting in violence and instability. If we have another market crash in the US, the government is likely not going to do a good job dealing with it. If that happens, within a few years we can expect to see both fascist and socialist parties rise to power and start fighting it out for dominance.

foxyv 9y ago

> People will deal with it the way they always have of course, by modifying their behaviors to align with current financial realities. God what a beautiful way to describe violent protests and looting. They are just adjusting their behaviors to align with current financial realities!