The economy’s strength and stability — defying many of the most optimistic predictions — represents a remarkable development after seemingly endless crises
As 2023 winds to a close, Powell and his colleagues are far from declaring victory on inflation. They routinely caution that their actions could be thwarted by any number of threats, from war in the Middle East to China’s economic slowdown. Americans are upset about high costs for rent, groceries and other basics, which aren’t going back to pre-pandemic levels. The White House, too, is quick to emphasize that much work remains.
Yet the economy is ending the year in a remarkably better position than almost anyone on Wall Street or in mainstream economics predicted, having bested just about all expectations time and again. Inflation has dropped to 3.1 percent, from a peak of 9.1. The unemployment rate is at a hot 3.7 percent, and the economy grew at a healthy clip in the most recent quarter. The Fed is probably finished hiking interest rates and is eyeing cuts next year. Financial markets are at or near all-time highs, and the S&P 500 could hit a new record this week, too.
This is the kind of shit champagne socialists say as they sit back at brunch. Do you have any idea not only how many casualties this would cause, but how badly it would set us back from evolving past capitalism?
How will the people surviving paycheck to paycheck, barely getting enough food on the table, going to survive? An economic collapse means food logistics cease to exist. You can’t just go to the grocery store. What will everyday people eat? What will they drink when they run out of the chemicals needed for clean water?
Not to mention, the collapse would mean all logistics and supply chains stop working. You need a medicine by tomorrow afternoon or you’ll begin to die? Whoops, we have no idea when that’s coming in. Everyone who relies on medication to live will die. Even more who rely on it for quality of life will severely suffer. You’ll have brilliant minds that are incapable of helping design a more equitable system because they’re anxious wrecks. Any new injuries would probably be a death sentence.
Do you understand what this would mean? An economic collapse would be a massacre of the working class and anyone needing consistent healthcare. You need bright minds to develop a better system than capitalism. They’ll all be dead or held captive by their own bodies.