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
Before covid we were headed into a recession (Michael Roberts has some good analysis here that came out early in the pandemic). The corporate debt market was overloaded and it looked like we'd have a similar bubble pop like 2008-2009 but with corporate debt at the heart this time. Covid kind of protected us because of unlimited federal money, but there's only so much they can really do - after all, we're marxists we know that capitalism has certain intractable contradictions. The fed and capitalist government cannot prevent recessions forever, so this is always a cogent question anyway.
The economic damage caused by covid looks like it will be permanently scarring (no v shaped recovery or return to the previous rather anemic growth rate) as well. There's no real way out of this according to neoliberal economics, they've been doing low interest, targeted means tested programs with cuts, and quantitative easing for like 12 years now.
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Quantitative easing went insane , 25% of all circulating USD was printed in the past twelve months just to prop up the stock market. And they can't exactly print 9+ trillion dollars worth of USD, so almost of all of that was just numbers punched into a computer.
Wow! We have generated so much wealth this year.
:comfy: