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Economically, how can concerned Americans prepare for the worst? (lemmy.ml)

submitted 1 day ago by oxjox@lemmy.ml to c/asklemmy@lemmy.ml

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I do not want this to be a political debate nor an opportunity to post recent headlines. However, in my opinion, this administration seems to be taking actions which history suggests may lead towards a near or total economic collapse. Whether you agree with this or not is irrelevant.

This post’s question is: If one were to have a concern that they’d no longer be able to afford common household goods or that mainstream (S&P, Nasdaq) financial investments were no longer sound, what can one do to prepare for “the worst”? What actions could someone take today to minimize economic hardship in the future?

I would also like thoughtful insight from older adults to offer younger adults about how they should be better preparing themselves for an uncertain future, outside of current events or place of residence.

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[–] Lettuceeatlettuce@lemmy.ml 14 points 7 hours ago* (last edited 7 hours ago)

IMO, there are three "levels" of economic hardship:

Severe recession: Where the economy shrinks, many small/medium businesses go bankrupt, unemployment hits around 7-10%
Legit depression: Numerous core institutions in most or all sectors of the economy go bankrupt. Even highly skilled people cannot find work and are reduced to charity, begging, or stealing. Unemployment hits 15-25%
Total economic collapse: All major institutions in all sectors fail, or cease having any legitimacy. The country's currency becomes worthless due to either hyperinflation or governmental collapse. All people except the super wealthy elite, become destitute.

The last time the US experienced the second level was the Great Depression, where during the depths of the dust bowl and the depression, unemployment hit about 25%

If you genuinely think we are in for anything worse than level 2, you should flee the country now, or buy a gun and stockpile ammunition, food, and medicine.

Realistically, level 3 isn't going to happen. Level 1 very likely will, level 2 I would give a 5% chance personally, but that is based only on vibes.

Have some savings in cash, a few hundred bucks mostly in small denominations should be alright. Don't do more than that.

Buy cheap bulk foods. Beans, chickpeas, lentils, raw oats, rice, four, potatoes. Buy several of those big 24 packs of bottled water. Most large retailers have them for 4-6 bucks a pack. You need A least 5-6 bottles a day to stay minimally hydrated. That's roughly 4 days of water per 24-pack. You should have at least a week of water per person.

Other folks here have good advice. Connect with a local community. If not your direct neighbors, then a group that meets nearby. You need other people for support. If you're in a really bad place, they will be the last line of dependable aid.

Quit your vices. Cigs, alcohol, excessive caffeine, and junk food all cost a lot of money, aren't healthy, and will make you much more vulnerable to economic upsets. It also allows others to take easier advantage of you, because of your desperation to get a fix.