Read on Twitter
A thread about economic recovery:
- consumer spending drives 70% of the US economy
- this recession is a consumer spending recession
- 17 million unemployed in 3 weeks
- 5-10+ million more by the end of month
- 20-30 million total
- majority of workers are at home
1/8
- consumer spending drives 70% of the US economy
- this recession is a consumer spending recession
- 17 million unemployed in 3 weeks
- 5-10+ million more by the end of month
- 20-30 million total
- majority of workers are at home
1/8
Page 2:
- 90%-95% of Trump/GOP stimulus going to the top 10% richest people, ~$10 TRILLION DOLLARS
- everyone else gets $1,200, for one time only, that's it
- while the fed is flooding big businesses and and the investor class with cash
2/8
- 90%-95% of Trump/GOP stimulus going to the top 10% richest people, ~$10 TRILLION DOLLARS
- everyone else gets $1,200, for one time only, that's it
- while the fed is flooding big businesses and and the investor class with cash
2/8
Page 3:
By the time it's safe to work:
- most people will be out of cash, farther in debt, spending their savings, and draining retirement accounts early
- a few people will rush out and spend money when the virus is gone
- but vast majority of consumers won't be spending
3/8
By the time it's safe to work:
- most people will be out of cash, farther in debt, spending their savings, and draining retirement accounts early
- a few people will rush out and spend money when the virus is gone
- but vast majority of consumers won't be spending
3/8
Page 4:
- smart consumers are going to be very cautious with their spending for months and years
- no amount of economic stimulus for the rich or for big businesses will get consumers to spend money they don't have or are afraid to part with
4/8
- smart consumers are going to be very cautious with their spending for months and years
- no amount of economic stimulus for the rich or for big businesses will get consumers to spend money they don't have or are afraid to part with
4/8
Page 5:
- Canada is giving consumers $2,000 a month for at least 3 months
- Canada is much smarter and fairer than Trump and the GOP
- Canada is a capitalist country, they're not socialists
5/8
- Canada is giving consumers $2,000 a month for at least 3 months
- Canada is much smarter and fairer than Trump and the GOP
- Canada is a capitalist country, they're not socialists
5/8
Page 6:
- capitalist society allows businesses to make bigger profits because they take the biggest risks
- so why are they the ones who always get the most government assistance?
- that's not capitalism, that's corporate welfare, a form of socialism for the rich and powerful
6/8
- capitalist society allows businesses to make bigger profits because they take the biggest risks
- so why are they the ones who always get the most government assistance?
- that's not capitalism, that's corporate welfare, a form of socialism for the rich and powerful
6/8
Page 7:
- trickle down economics is GOP code: it's welfare for the rich
- 40 years of it has made the rich way richer
- while workers and consumers have seen very little gain
- with 70% of economy based on consumer spending, at least 70% of stimulus needs to go to consumers
7/8
- trickle down economics is GOP code: it's welfare for the rich
- 40 years of it has made the rich way richer
- while workers and consumers have seen very little gain
- with 70% of economy based on consumer spending, at least 70% of stimulus needs to go to consumers
7/8
Page 8:
In summary, what the US economy needs to recover is:
- contain/eliminate the virus
- that requires 10s or 100s of millions of tests
- less than 1% tested so far
- protect workers/consumers, they're the key to recovery
- let the capitalists win or lose like capitalists
8/8
In summary, what the US economy needs to recover is:
- contain/eliminate the virus
- that requires 10s or 100s of millions of tests
- less than 1% tested so far
- protect workers/consumers, they're the key to recovery
- let the capitalists win or lose like capitalists
8/8
