Why is an economic depression bad for consumers even though prices are cheaper?
In: 88
A rising tide raises all boats
A stormy ocean sinks the little boats so the big ones can salvage
A depression is bad because prices are down, but income is also down, and usually income is down unequally. Some people get laid off and some people don’t. The people who do need to have a buffer or they can lose what they worked for. Savings. A home. Health insurance (bad time to get sick).
It wouldn’t be as bad but the safety net in the US is pretty garbage. There is rarely enough support to prevent catastrophic loss.
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