And the “housing slump” will have been the trigger.
This will impact everyone. Rich, poor, left or right. That’s why I’ve been blogging about it. The social, economic, and political repercussions of the coming recession will be felt for years.
What happens when millions lose their homes and get laid off? We will be finding out.
“What happens when millions lose their homes and get laid off? We will be finding out.”
We should already have a pretty good idea. It was called the Great Depression, when up to 60% of the nation was plunged into poverty. your parents or grandparents may remember– and for many, it affected their entire outlook on life. My grandmother saved used tinfoil for re-use until the day she died. We grandkids always thought she was a little nuts, but that’s what you did during the depression.
But the so-called Great Depression happened in a nation that had yet to reach its peak, not in an empire on which the sun is setting. The spending/borrowing binge of the current administration may make impossible the necessary government borrowing to fund programs to help affected people. In short, we’ve been screwed well in advance.