Is an economic meltdown coming? And is that good or bad?
Over the last 85 years, republicans controlled the three branches of government: president, senate, and the house of representatives only 2 times until now. The previous times resulted in a meltdown: 1929 and before ushered in the Great Depression; 2001 to 2007 resulted in the Great Recession.
The Great Recession of 2008 was hours away from a complete collapse of the worlds banking system because leadership believed that the ‘free market’ approach would resolve the issues at hand. I remember Sec of the Treasury Paulson saying that he always had been sure that the free market system would make the necessary corrections without the help of Government, but in this situation, he said that we need the government to bail us out.
The bail out of 2008-9 was advertised to be just under a trillion dollars, but when all the ﬁnancial guarantees were added in, the total was in the $17 trillion range = the same amount as our infrastructure shortfall.
Based on history of the last 98 years, the republicans have always created a meltdown scenario when they had total control of the government’s machinery.
Will it happen again? And, is that good or bad?
Looking for the ‘silver lining’ in the storm clouds at hand, where is the good to be found? If it occurs, will it be a total restructure of the society, or will it be partial?
What we can and must do is to plan for this restructuring and prepare ourselves for rebuilding a better society.