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What will happen is that people will just get poorer in general, than they would be without all this COVID mess. Where I live we get 10x the gov. budget defici
by megous 6y ago
What will happen is that people will just get poorer in general, than they would be without all this COVID mess.
Where I live we get 10x the gov. budget deficit than the previous year and the government is reducing and eliminating taxes at the same time. So the "taxes" will come in the form of reduced value of money, or taxes in the future. Level of taxation is pretty much equivalent to the level of government spending. There's, no way around it.
On top of that, general population's savings are being depleted. So yeah, future is bleak. Anyway, I hope the gov spending will get to sane levels soon.
It doesn't help that this is the global phenomenon, so economy/currency is not crashing as much compared to the surrounding countries. But there are still wild swings of ~10% or so compared to USD or EUR.
- forgingahead 6y agoAnyway, I hope the gov spending will get to sane levels soon. Honest question, what mechanisms do you think will make this happen? Or is it more of a general hope-it-happens? In my experience, getting anyone to spend less after they are used to spending a lot (be it a government, a company, a business unit, or even just your kids) simply doesn't happen, barring a fundamental change in circumstances whereby the alternate of continuing to spend a lot results in immediate ruin.
- 908B64B197 6y ago> But there are still wild swings of ~10% or so compared to USD or EUR. Time so switch to a better currency!