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Economist warns that Elon Musk is about to cause a "deep, deep recession" (futurism.com)

submitted 2 months ago by [email protected] to c/[email protected]

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Summary

Economist Jesse Rothstein warns that Elon Musk’s drastic government job cuts and contract cancellations could trigger a severe recession.

The March employment report is expected to show massive job losses, exacerbating economic uncertainty. Hiring freezes are already hitting universities and other sectors.

Rothstein fears even the government may not yet grasp the full extent of layoffs. Musk acknowledges short-term hardship but claims long-term prosperity.

Critics argue the economic fallout and loss of public services could be devastating.

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[–] [email protected] 116 points 2 months ago (2 children)

That's the point

[–] [email protected] 88 points 2 months ago

It puts everything on discount for billionaires.

[–] [email protected] 63 points 2 months ago

Yup, this is late stage capitalism working as intended

https://naomiklein.org/the-shock-doctrine/

[–] [email protected] 60 points 2 months ago (1 children)

This guy is going to cause a shitload of poverty and death. He need to go.

[–] [email protected] 10 points 2 months ago* (last edited 2 months ago)

Well yea, but he's gonna make a fuckload of money during the process and so are his rich friends, so really, it's way better than the alternative, which was electing a woman who ran a mediocre campaign.

[–] [email protected] 33 points 2 months ago (1 children)

The Great American Depression, as the world will write it. Or The Great Patriotic Bootstrapping Because Of The Gays Browns Women as they’ll teach in American Sunday through Monday schools.

[–] [email protected] 5 points 2 months ago

Let's work to change that; I suggest "The Fall of Facist America", and we can start by felling facist America!

We can band together and write a better history!

[–] [email protected] 28 points 2 months ago

Buy low, sell high, so much easier when you're the one picking what crashes, and what doesn't.

[–] [email protected] 12 points 2 months ago

c/noshitsherlock

[–] [email protected] 10 points 2 months ago

Dick Cheney (from below ground), Turtle neck guy and all the rest of the clowns in the Republican team are going "holy fuck!" as Elon basically eats their lunch. Elon has been extremely efficient at Republican asshole. The rest don't even know what the fuck is going on.

[–] [email protected] 5 points 2 months ago

I’m a subscriber (via work) to that shit rag and they wanted trump so bad during the election.

[–] [email protected] 4 points 2 months ago

Even deeper than his lack of knowledge

[–] [email protected] 4 points 2 months ago

Well, I guess the person(s) who make the unemployment report are next to be visited by doggie.

[–] [email protected] 3 points 2 months ago

Somebody give me a degree in economics

[+] [email protected] -12 points 2 months ago (2 children)

Elon Musk? Dudes at best the fly that breaks the camels back. We are still paying interest on national debt taken out during WW2 cuz the debt was never paid off, the ceiling keeps going up. it's actually much further back since the debt was paid off last time, it's so far back you probably wouldn't believe me go check out when the last time it was paid off. Or you're one of those people that drank the koolaid and believes that countries once founded, just increase their debt load infinitely until they become to large to fund, and incapable of paying the debt back, so we get a new social system. In which case; is that literally how you're living your life? You crazy devil may cry when the future arrives bastard.

[–] [email protected] 3 points 2 months ago

As a country, paying interest indefinitely is actually cheaper than paying the debt off, unless the interest suddenly goes sky high, which it generally does not. It's usually less than inflation.

If you believe that firing hundreds of thousands of government employees in just one year and stopping a bunch of social programs is just a "fly that breaks the camels back", I've got a bridge to sell you.

[–] [email protected] 2 points 2 months ago

Did you drink the kool-aid that made you believe that we couldn't just pay off the debt by simply raising taxes on the wealthy?

In one breath they make you afraid of the debt, the next breath they lower taxes on the wealthy. After that, they piss down your mouth with their trickle down lies. And you drink it all up like a good little sub.