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

submitted 3 days ago by MicroWave@lemmy.world to c/economics@lemmy.world

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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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[+] sumguyonline@lemmy.world -12 points 2 days 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.

[–] boonhet@lemm.ee 3 points 2 days 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.

[–] SpaceCowboy@lemmy.ca 2 points 2 days 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.