cross-posted from: https://lemmy.ml/post/21841560
this post was submitted on 27 Oct 2024
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Related: 75% of Americans don't have enough money in savings to cover their bills for six months. That's why a recession--which leads to a shrinking number of jobs and decreased consumer demand--is such a huge, dramatic siren for the fed and government. A recession for a nation where a large majority are basically flying without a safety net has an even bigger effect on the recession feedback cycle.
In general our entire economy right now has the knob labeled "high-risk/high-reward" turned to 11. With that many people only a few months from not being able to pay car loans, rent, mortgage, and all their other bills, with huge consumer debt, with car loan defaults already rising, and therfore without the means to maintain robust consumer economy, things would go south in the US very fast and with increasing velocity.