I think the current situation has no precedent, although the severity might be similar or worse than the comparative benchmark of The Great Depression. On one hand, I think it is possible that prospect of a full depression will turn out to be just smoke and mirrors, and in a few months, the economy will be strengthening. But, on the other hand, this could truly spiral down into depths we have never seen, including significant civil disruption. I think it pays to be mentally prepared for virtually anything.
The classic victims of recessions are the people with the least amount of money. In this recession, if it happens, the primary victim will be the government. Perhaps that is why they are in a panic trying to prevent it. The government at all levels is bigger than ever, and the rate of government spending has never been higher. And in the panic to prevent this recession, government spending is accelerating exponentially. They spend all the tax revenue they receive plus as much more that they can possibly borrow or leverage against future revenue.
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