Economist warns that Elon Musk is about to cause a "deep, deep recession"

Submitted ⁨⁨1⁩ ⁨day⁩ ago⁩ by ⁨MicroWave@lemmy.world⁩ to ⁨economics@lemmy.world⁩

https://futurism.com/economist-elon-musk-recession

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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Comments

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earphone843@sh.itjust.works ⁨1⁩ ⁨day⁩ ago
That’s the point

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- henfredemars@infosec.pub ⁨1⁩ ⁨day⁩ ago
  It puts everything on discount for billionaires.
  
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- horse_battery_staple@lemmy.world ⁨1⁩ ⁨day⁩ ago
  Yup, this is late stage capitalism working as intended
  
  naomiklein.org/the-shock-doctrine/
  
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apfelwoiSchoppen@lemmy.world ⁨1⁩ ⁨day⁩ ago
This guy is going to cause a shitload of poverty and death. He need to go.

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- boonhet@lemm.ee ⁨22⁩ ⁨hours⁩ 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
  
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DarkCloud@lemmy.world ⁨1⁩ ⁨day⁩ ago
Buy low, sell high, so much easier when you’re the one picking what crashes, and what doesn’t.

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Hobbes_Dent@lemmy.world ⁨1⁩ ⁨day⁩ ago
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.

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- shadowDingus@lemmy.dbzer0.com ⁨22⁩ ⁨hours⁩ 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!
  
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werefreeatlast@lemmy.world ⁨1⁩ ⁨day⁩ 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.

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DirkMcCallahan@lemmy.world ⁨1⁩ ⁨day⁩ ago
c/noshitsherlock

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paraphrand@lemmy.world ⁨23⁩ ⁨hours⁩ ago
Well, I guess the person(s) who make the unemployment report are next to be visited by doggie.

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Tillman@lemmy.world ⁨22⁩ ⁨hours⁩ ago
I’m a subscriber (via work) to that shit rag and they wanted trump so bad during the election.

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DogPeePoo@lemm.ee ⁨1⁩ ⁨day⁩ ago
Even deeper than his lack of knowledge

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MataVatnik@lemmy.world ⁨1⁩ ⁨day⁩ ago
Somebody give me a degree in economics

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sumguyonline@lemmy.world ⁨23⁩ ⁨hours⁩ ago
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.

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- boonhet@lemm.ee ⁨22⁩ ⁨hours⁩ 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.
  
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- SpaceCowboy@lemmy.ca ⁨21⁩ ⁨hours⁩ 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.
  
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