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Mentally, I have priced this in as approximately the same as The Great Depression. Vastly different causes and very different ways to get out of it, and differe
by martythemaniak 7y ago
Mentally, I have priced this in as approximately the same as The Great Depression. Vastly different causes and very different ways to get out of it, and different long-term repercussions, but either way it'll be bad and much worse than 2008. One way I've started thinking about is to mentally push back everything I thought about the future by about 3-5 years. I wanted to install a solar roof on my house in 3-5 years, so now that's like 5-8 years. I was considering a CyberTruck, but now I'm just gonna keep driving my car, etc etc.
We're gonna have massive unemployment that'll dwarf 2008. Some industries will come back relatively quickly (dine-in, coffee, etc), but others will take years (travel, hospitality). Government support will leave everything with massive debt, which doesn't seem like a problem now (money is on sale!), but the scale of it will eventually cause austerity. I think this will leave many people in a more prepper / saver / hoarder mindset, which will further slow down the recovery.
We'll hopefully start to see a recovery towards the end of next year and mostly recover within two years of that.
- arkanciscan 7y agoI'm sorry for your cyber truck loss
- moore1474 7y agoYes, just like the great depression.
- DougN7 7y ago> I think this will leave many people in a more prepper / saver / hoarder mindset, I think this is exactly right. It’s what happened to the generation that lived through the Great Depression (heard many stories from my Grandmother who lived through it).