https://archive.md/2021.11.09-212822/https://www.bloomberg.com/opinion/articles/2021-11-09/china-s-economic-model-is-probably-broken
https://archive.md/2021.11.09-212822/https://www.bloomberg.com/opinion/articles/2021-11-09/china-s-economic-model-is-probably-broken
The working class can chill so long as the treats flow and the lights stay on. But there's a breaking point (just ask folks in the UK). Enough poor economic management will eventually stress infrastructure and institutions past the point of functionality.
We saw that in Texas, during the Big Freeze. Hundreds of people died in their homes, because we couldn't keep the lights on. Businesses were shuttered for weeks. Grocery stores were stripped bare. Buildings were wrecked by frozen pipes. We're talking about billions of dollars in damages, because we couldn't be bothered to spend a few million upfront weatherizing. And we still haven't, as the sudden spike in energy prices was viewed as a windfall for finance guys rather than a massive waste of domestic capital.
You can only chill for so long before you experience real suffering.