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So to sum up the article: 1. The shutdown has put a lot of people out of work and closed many businesses permanently. 73% of Americans have experienced at lea
by scottLobster 7y ago
So to sum up the article:
1. The shutdown has put a lot of people out of work and closed many businesses permanently. 73% of Americans have experienced at least some loss in income as a result.
2. Most government aid is too little too late to prevent 1.
3. World economies were stagnating before the corona virus started, even in the developing world. Now consumers are going to get even more fiscally conservative, possibly exacerbating the stagnation.
4. Unprecedented levels of national debt kicks a much larger can down the road, and we have no idea what that means.
5. A long, halting recovery is more likely than a sharp V-shaped recovery.
Yes all of that is a problem. Will it result in systemic changes to how we do things? To a point. Is it going to have killed the global economy 10 years from now? I doubt it. The only lasting difference might be a cultural surge in individual savings and drop in discretionary spending, but perhaps a more secure, slower growing economy is a good thing. It certainly wouldn't be the end of the world.