In May 2020 I posted an article in the Higher Education Inquirer on the last economic downturn. It was the 27th downturn in US history. Remarkably, few could see that downturn coming, a result of the covid pandemic. More than a million people died, just in the US. Trillions of dollars were handed out, mostly to the rich. Unique, in some respects, but familiar in other ways. During and after the Great Recession, from 2008 onward, the US government handed out trillions to big banks and big corporations.
TARP, QE1, QE2, QE3, a FED rate of nearly 0 percent. Trump added trillions more through tax cuts and deregulation. The rich got richer. The poor got poorer. A familiar pattern over the last half century. And workers resist, at Starbucks, Amazon warehouses, and a number of universities, including the UC System and New School. Inflation requires the FED to intervene, to put things back in line. Roubini warns us again about zombie corporations. Layoffs are happening, not just in Silicon Valley.
Some say the next downturn is just around the corner. But it's been here, for the working classes anyway.
6 replies (most recent on top)
Well the disparity between the corporations and wealthy started in 2016 with the great welfare for the rich plan and gotten worse since. Now people are crying because trickle down trickled up and now the rich and corporations are feeling it too. Interesting they didn’t care when the rest of us were starting to suffer.
Mr. Shaulis, why are you spamming all the boards on theLayoff.com?
Don't forget 10% for the "big guy" Let's hope he gets laid off
DE&I requires one of two things, and one of them is possessing both front and rear private parts.
Not the blog guy again. Nostra-blog-us!
Yeah...say, how 'bout those Wells Fargo layoffs?!
Hoo-wee!