I hope I don’t regret saying this, but so far, this recession / slowdown has been very needed and will help the US economy grow in more sustainable ways going forward. And it’s happened without too much pain in the broader economy.
We way overdid Covid stimulus, which helped inflate bubbles like you saw with crypto, pouring billions into the hands of criminal organizations like FTX.
We had cheap money flowing for too long with near-zero interest rates, propping up many zombie enterprises that shouldn’t have been propped up to begin with.
Salary growth is great, but we all have seen a proliferation of bullshit jobs with ridiculous salaries in the past two years.
All of these trends have started to correct, and it’ll be better for the long term. I just hope nothing systemically important breaks before we’re through the worst of it.
We way overdid Covid stimulus, which helped inflate bubbles like you saw with crypto, pouring billions into the hands of criminal organizations like FTX.
We had cheap money flowing for too long with near-zero interest rates, propping up many zombie enterprises that shouldn’t have been propped up to begin with.
Salary growth is great, but we all have seen a proliferation of bullshit jobs with ridiculous salaries in the past two years.
All of these trends have started to correct, and it’ll be better for the long term. I just hope nothing systemically important breaks before we’re through the worst of it.