Until now, old farts like me have thought it a terrible thing that next to no one under 50 has any experience of how terrible recessions are. Even ABC guru Dr
But at least our lack of herd immunity from unrealistic expectations means only us old-timers will be expecting this recession to be pretty much the same as those we experienced in the early 1990s, the early ’80s and the mid-1970s. That’s good because this recession will be markedly different to any of those.Usually, recessions happen because of governments’ policy error.
This recession will be so big and bad that not even the official always-look-on-the-bright-side brigade is trying to gild the lily.– by the government ordering many industries to cease trading – that it will be so much bigger than usual. Usually, economies slow for months before they stop; this time, most industries stopped on pretty much the same day.
Many of those people who’ve lost their jobs will still be cooped up at home many months after the rest of us have resumed normal lives.“Over the first half of 2020, we are likely to experience the biggest contraction in national output and income we have witnessed since [the Great Depression of] the 1930s,” he warned.
1RossGittins Yep and with morons still whining about the so called infection and death rates of this virus that was downgraded to no more than flu in March, not one journo has noticed that the pple on those dole queues DID NOT GET SICK, because healthy pple cannot make healthy pple sick
1RossGittins The debt was already terrible (because of liberals) before the pandemic and now it's in the trillion dollar range (because of the liberals) and instead of taxing the rich/corporations the (liberals) are going to tax the people instead
1RossGittins We were heading for a recession before the outbreak the signs were there
1RossGittins The virus we had to have.
1RossGittins This recession that side-blinded us puts the 'live now pay later, to hell with tomorrow' mentality into perspective. We will become a society with greater numbers of 'have-nots' which is a reality check for those who have lost touch with what's important in life.
1RossGittins El-Erian: Worst recession since Great Depression ahead, 2009 will look like a flesh wound.
1RossGittins There are very hard times ahead. Sadly, I am sceptical the federal government has the vision to invest in the kinds of programmes, industries and infrastructure that will lift the country up. Their card was marked in the run up. They ignored the pleas of the RBA. So here we are.
1RossGittins Bad press that is and always promote big and bad but stupid opinion.
1RossGittins How this opinion ridiculous is! This author wish we pay our lives for non-social distancing orders preventing from COVID-19 pandemic ? So greed the same as the capitalist.
1RossGittins If economic measures directly help the public, not corporations and the $ are provided early, the effects of the downturn should be less, plus building new industries based on renewables, rather than neoliberal climate destroying coal/gas might help ?!
1RossGittins Been saying the same all along. Last thing premiers and the PM want the media to do is start concentrating on the smashed economy. Better they focus on the comparitively rosy health side of this debacle.
1RossGittins Politician created depression !
1RossGittins I suspect these predictions will prove as accurate as the corona virus ones.
1RossGittins No. It's a small price to pay. Aust is very close to beating the virus, where it's under control with no new infections. Immigration stopped & business can employ Australians, retrain, reskill etc... Number of jobless ought to go down to below prior levels if no migrant influx.
1RossGittins Our economy was already a ponzi scheme house of cards and the corona virus diversity flu just knocked it over that's why.
1RossGittins This recession was always coming, now watch as lying politicians and media blame DiversityFlu when that was just the catalyst. The debt based ponzi scheme, shipping manufacturing off-shore, the housing and immigration bubble are all the true cause. Don't be fooled.
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