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How do you guys feel about our economic future?
(kbin.social)
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this post was submitted on 23 Jun 2023
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At least here in Canada, I think the economic split between homeowners and renters is going to become massively painful. The government needs to step in and take dramatic action to fix this problem, but doing so could theoretically tank the price of housing, and with so many people having bought at super-high prices, a significance portion of the population (also, the majority of whom have lots of wealth) might get royally fucked. The government might have to make a decision about which portion of the population to protect, and which to sacrifice.
The problem is the government has been protecting/supporting one group for a long time to the point that everything is now "too big to fail". Government continue to create investment materials that can't fail -- and anything that can't fail will create a bubble and destroy everything else. That investment in Canada was housing. Now it's like over half our GDP is housing investment. And why invest in anything else? Nothing else is as risk free.
I feel like the collapse is never going to come.
When people can't afford to live, the collapse is already here, it's just covered up by a band-aid of bread and circuses.