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We are at WAR! The war isn't military, but financially and it's happening right now in America.

Mai72

Lifer
Sep 12, 2012
10,650
1,161
126
Fed warns of extraordinarily uncertainity on path to recovery.


The path back to economic recovery is going to be a very long one. What will be incoming IMO is the widening wealth gap between the rich and the poor. As more and more middle class Americans move into poverty, we will have a small part of Americans who understand what is taking place, so they will be able to pivot and take advantage of the new financial landscape. Most people though? They aren't taking heed, and are living like nothing has ever happened. Lost my job? No problem I have my unemployment check, and when it ends I'll just go back to work. It's not going to be that easy. Large businesses will be drastically cutting back on staff. A company that had in the past employed 500 employees, will cut the fat, and get rid of the workers who aren't needed. IMO, anyone making over $100k is in jeaporady of losing their job unless they are very valuable to the company. If you're just another cog in the wheel you can expect to be eliminated.

This isn't going to happen overnight, but in five years? I know tecnology companies are ramping up auitomation, and this will contribute to a HUGE amount of job loss. Unless you have the skills to compete in this new environment I'm afraid most Americans are going to be the casualties. This doesn't exclude teachers, fire fighters, and police officers. As less money comes into state coffers, I can see dramatic cut backs. It's going to affect those positions, plus pensions. I can see pension reductions in the near future. I have a cousin in France who retired as an educator, and from what I know about her situation she had a reducation of $100-300 (that's in USD). France, and most of Europe is currently going thru a very difficult time with their pension system as it's been tapped out, and is severly underfunded thanks mainly to hedge fund managers.

In the end, automation, the lack of skillset, COVID-19, Americas finanical system, and people ignorance towards finance will be a HUGE hurdle for most. The rich are going to continue to do well. For many, this will be a very painful time. Do you guys agree or disagree with this statement? Thanks.
 
Nov 8, 2012
20,282
4,623
136
Fed warns of extraordinarily uncertainity on path to recovery.


The path back to economic recovery is going to be a very long one. What will be incoming IMO is the widening wealth gap between the rich and the poor. As more and more middle class Americans move into poverty, we will have a small part of Americans who understand what is taking place, so they will be able to pivot and take advantage of the new financial landscape. Most people though? They aren't taking heed, and are living like nothing has ever happened. Lost my job? No problem I have my unemployment check, and when it ends I'll just go back to work. It's not going to be that easy. Large businesses will be drastically cutting back on staff. A company that had in the past employed 500 employees, will cut the fat, and get rid of the workers who aren't needed. IMO, anyone making over $100k is in jeaporady of losing their job unless they are very valuable to the company. If you're just another cog in the wheel you can expect to be eliminated.

This isn't going to happen overnight, but in five years? I know tecnology companies are ramping up auitomation, and this will contribute to a HUGE amount of job loss. Unless you have the skills to compete in this new environment I'm afraid most Americans are going to be the casualties. This doesn't exclude teachers, fire fighters, and police officers. As less money comes into state coffers, I can see dramatic cut backs. It's going to affect those positions, plus pensions. I can see pension reductions in the near future. I have a cousin in France who retired as an educator, and from what I know about her situation she had a reducation of $100-300 (that's in USD). France, and most of Europe is currently going thru a very difficult time with their pension system as it's been tapped out, and is severly underfunded thanks mainly to hedge fund managers.

In the end, automation, the lack of skillset, COVID-19, Americas finanical system, and people ignorance towards finance will be a HUGE hurdle for most. The rich are going to continue to do well. For many, this will be a very painful time. Do you guys agree or disagree with this statement? Thanks.
I think slowly were just going to develop into units of "haves" and "have-nots". Eventually when they torch that AutoZone or Target they are just going to say "Eh fuck it. Not worth the low profit margins and theft to rebuild here".

Basically the have nots will be all inner cities. All the haves will be every single suburb that retail has sufficiently built near.

Keep in mind, plenty of the inner city have not areas depend upon downtown large corporate buildings... All the employees driving in... And all the sales tax and lunches they buy. After this pretty much any real large company realizes they can survive fine without it.

Just my theory though.
 

Leymenaide

Senior member
Feb 16, 2010
596
191
116
More and More like Latin America every day. Gated complexes to live in with armed guards.
 

Greenman

Lifer
Oct 15, 1999
17,428
2,650
126
There was never any doubt that everyone in the lower income levels were going to be devastated, and quite a few in the middle class as well.
 

Mai72

Lifer
Sep 12, 2012
10,650
1,161
126
I think slowly were just going to develop into units of "haves" and "have-nots". Eventually when they torch that AutoZone or Target they are just going to say "Eh fuck it. Not worth the low profit margins and theft to rebuild here".

Basically the have nots will be all inner cities. All the haves will be every single suburb that retail has sufficiently built near.

Keep in mind, plenty of the inner city have not areas depend upon downtown large corporate buildings... All the employees driving in... And all the sales tax and lunches they buy. After this pretty much any real large company realizes they can survive fine without it.

Just my theory though.
Yea, but what if the wealthy are mostly located in the cities? Look at San Fran as an example. I know in low income areas in Philadelphia the wealthy have moved into cities like FishTown, pushed out the have nots, and have built million dollar codos that both the poor and middle class aren't able to afford. The schools are better. The way of life is 1000X better, but most aren't able to participtate because they lack the financial means.
 

Mai72

Lifer
Sep 12, 2012
10,650
1,161
126
There was never any doubt that everyone in the lower income levels were going to be devastated, and quite a few in the middle class as well.
I think the middle class is going to tank IMO. It's going to get really bad for many middle and upper middle class people.
 

Greenman

Lifer
Oct 15, 1999
17,428
2,650
126
I think the middle class is going to tank IMO. It's going to get really bad for many middle and upper middle class people.
Again, we knew that at the start. This was an expected result, hundreds of thousands bankrupted, millions out of work, an economy tanked. We'll be paying this off for decades.
It seems as though you're shocked by this result, and I'm not sure why. It had to happen, it had to be expensive, it had to cause ruin and turmoil. It was the cost of flattening the curve.
 

Muse

Lifer
Jul 11, 2001
30,556
3,727
126
Again, we knew that at the start. This was an expected result, hundreds of thousands bankrupted, millions out of work, an economy tanked. We'll be paying this off for decades.
It seems as though you're shocked by this result, and I'm not sure why. It had to happen, it had to be expensive, it had to cause ruin and turmoil. It was the cost of flattening the curve.
If they didn't try to stanch the epidemic the economy would have tanked anyway. It just would have been uglier.
 

Greenman

Lifer
Oct 15, 1999
17,428
2,650
126
If they didn't try to stanch the epidemic the economy would have tanked anyway. It just would have been uglier.
The stated goal was to lower the infection rate to avoid overwhelming the healthcare system. That appears to have worked in most of the country. I think most people agreed with that idea as an emergency procedure, but many are resistant to it as a lifestyle.
 
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Jhhnn

No Lifer
Nov 11, 1999
62,126
14,318
136
Fed warns of extraordinarily uncertainity on path to recovery.


The path back to economic recovery is going to be a very long one. What will be incoming IMO is the widening wealth gap between the rich and the poor. As more and more middle class Americans move into poverty, we will have a small part of Americans who understand what is taking place, so they will be able to pivot and take advantage of the new financial landscape. Most people though? They aren't taking heed, and are living like nothing has ever happened. Lost my job? No problem I have my unemployment check, and when it ends I'll just go back to work. It's not going to be that easy. Large businesses will be drastically cutting back on staff. A company that had in the past employed 500 employees, will cut the fat, and get rid of the workers who aren't needed. IMO, anyone making over $100k is in jeaporady of losing their job unless they are very valuable to the company. If you're just another cog in the wheel you can expect to be eliminated.

This isn't going to happen overnight, but in five years? I know tecnology companies are ramping up auitomation, and this will contribute to a HUGE amount of job loss. Unless you have the skills to compete in this new environment I'm afraid most Americans are going to be the casualties. This doesn't exclude teachers, fire fighters, and police officers. As less money comes into state coffers, I can see dramatic cut backs. It's going to affect those positions, plus pensions. I can see pension reductions in the near future. I have a cousin in France who retired as an educator, and from what I know about her situation she had a reducation of $100-300 (that's in USD). France, and most of Europe is currently going thru a very difficult time with their pension system as it's been tapped out, and is severly underfunded thanks mainly to hedge fund managers.

In the end, automation, the lack of skillset, COVID-19, Americas finanical system, and people ignorance towards finance will be a HUGE hurdle for most. The rich are going to continue to do well. For many, this will be a very painful time. Do you guys agree or disagree with this statement? Thanks.
You mean that the financial elite has been periodically looting the middle class for 40 years? That trickle down is a sham? That the goal of the revered job creators isn't to create jobs at all? The end result of every financial crisis & recovery since the Reagan era is that the Rich got richer & the rest of us, as a group, got a little bit poorer. It's just what happened. Their investments grew while our wages & benefits languished, along with our ability to invest in the future. That's why an average 21 year old's prospects today are bleaker than mine were 50 years ago.
 

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