Quote:
Originally Posted by MoneyGuy
It’s no surprise that bankrupties are up. People keep living it up in the good times thinking they’ll last forever. When things turn they’re in trouble. It happens all the time.
|
While true at its core, its not entirely genuine within the context of the current downturn.
I dont know many walks of life or careers that people can survive when their industry essentially grinds to a halt for 3+ years.
This economic downturn isnt something that individuals can realistically 'save their way out of.'
Who has 3-5 years of liquid capital available to them during their working years to just weather an economic storm of this magnitude?
You can say that people were careless, or frivolous and just spent too much and you'd be right, that is still accurate, but even if they had been staunchly prudent, and some have, its still unlikely anyone could have enough cash to just 'not work' for this long of a period of time.
At some point no degree of austerity is going to see people through a collapse of an industry like this.