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As if those 1.2 million people would have just been twiddling their thumbs.
by olalonde 2y ago
As if those 1.2 million people would have just been twiddling their thumbs.
- plasmatix 2y agoWhy do you think it’s called “The Great Recession”?
- olalonde 2y agoBecause a business cycle contraction occurred? If GM had been allowed to fail, other companies would have filled the gap in the market, and new businesses would have emerged, most likely generating even greater tax revenue over time. While there may have been some short-term thumb twiddling, the market would have eventually created new jobs elsewhere, jobs that would have been even more productive. There's a great opportunity cost to "saving" millions of unproductive jobs.
- cyberax 2y ago> Because a business cycle contraction occurred? Yeah, like in 1929. > If GM had been allowed to fail, other companies would have filled the gap Which ones? A failure of GM would have hit Ford as well, because they share a lot of suppliers.