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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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[–] GiddyGap@lemm.ee 9 points 7 hours ago* (last edited 2 hours ago)

From my viewpoint, Trump is and will be causing social hardship much more than economic hardship.

I could possibly see a benefit in preparing for a harder times socially. Further division among neighbors might be the main casualty of this administration. Social cohesion is already struggling from his first four years.

Economically, I have no confidence in Trump's actions overall, but I am very confident that his massive ego determines his actions, and that ego is largely held up by the performance of the stock market. He will be very careful not to take any action that will rattle the markets too much. Whenever he see a negative reaction in the markets, he pulls back, claims a moral victory and moves on to the next thing.