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The jury is still out. Traveling and going out is a massive discretionary spending article, even just from my own experience. There IS a glut of cash on-hand ri
by papito 5y ago
The jury is still out. Traveling and going out is a massive discretionary spending article, even just from my own experience. There IS a glut of cash on-hand right now, hence all the degenerate gambling in the stock market and crypto, but we will find out how permanent this is, soon enough.
- bumby 5y agoI agree, it remains to be seen how it will play out. But I wonder if the HN lifestyle biases us to the view of how much of an impact it will have. A cursory search showed travel and restaurants are 2.8% and 4.4% of US GDP respectively but I bet if you ask most HN commenters, they'd assume it's much higher. I have a slightly different view on the stock market piece. I think there's a cohort who are young enough to think the market returns over the last year are the norm, which led them to believe "the market always goes up" and was an easy way to make money. This group tends towards the growth stocks but it seems like they may now be more skittish once they got a taste of a severe market downside
- tylerhou 5y ago> There IS a glut of cash on-hand right now, For some people. Others still have very little cash. https://www.bloomberg.com/news/articles/2020-12-10/how-a-k-shaped-recovery-is-widening-u-s-inequality-quicktake https://www.bloomberg.com/news/articles/2020-12-10/how-a-k-s...