It seems like the free market is set to bless us with yet another "once in a lifetime" economic crisis, and the working class will get the short end of the stick yet again. What are some tips or advice to not get hit too hard by this? I've heard having all your debt paid off helps but aside from that what are some practical things we can do that aren't just buying 3 years of canned beans and fucking off to a cabin in the woods? Any advice for what the low income and working class can do would be greatly appreciated
Ok, then if it’s about that time, and you can afford to, save as much as you can - it’s Covid what the fuck are you going to do if your income hasn’t changed? Go to a bar? Probably not, so save your excess and try to get 3-6 months of income in a bank account (NOT in stonks lmao).
Paying off debt, other than credit card debt, isn’t a totally worthwhile thing to do. When times are really tough, you need to pay for food and shelter, not have paid off debt in advance.
Idk that’s my best advice. If you don’t have a job because of Covid or other reasons, then keep an eye on poverty finance on Reddit. It has helpful info.
But, like I said, we essentially had an economic catastrophe last year, we are probably in the clear for a while as a country. That’s not to say individuals won’t struggle in some cases. Shit is pretty bad for most lower income Americans
Do you not think we're in a huge bubble? I'm constantly trying to talk myself down (almost daily) and mostly failing. Stocks look extremely expensive compared to historical norms but I can't imagine how or why that would change. I suppose no one can, otherwise the trend would reverse.
I'm especially worried about this one because they're already doing everything they're willing to do, which of course rules out everything that might actually help people. So if it pops things either need to change or it will be more painful than normal. But if it doesn't pop, the bubble will just get bigger and the economy will get more and more irrational, right?
Or there's no bubble and I'm just too blackpilled to see how great the economy is.
I don’t like the term bubble, because it implies it will pop. Sometimes it slowly deflated. We are probably in that scenario. Financial results from publicly traded companies have been strong and have justified higher stock prices, rather than prices coming back down to meet earnings where they are in equilibrium, so it may be a bubble but that doesn’t mean it will stop, or pop.
I’m not trying to be an optimist here, because the stock market doesn’t not result in material improvements for 90% of Americans. As people get vaccinated we should continue to see this play out. No irrational exuberance yet, but inflation could start to become a bitch. Good for people with student debt or any non-credit card debt for that matter. But still capitalist hell world where mr Biden owes me $2000. Trump paid me $1800 Biden hasn’t done shit
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Joe Manchin and the senate democrats will get it done!