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How’s the economy where you are? (ani.social)
submitted 1 week ago by to c/asklemmy@lemmy.world
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After reading this news story that half of Americans are skipping meals because of affordability and a bad economy, I have to ask how are you all doing out there?

I heard from a real estate agent friend of mine that REOs, i.e. bank foreclosures on home mortgages, are going up like crazy, which is a sign of bad times, like the recession of 2007-08.

I have heard from others about rents not being paid, lack of jobs, etc.

Every day, there’s more news of corporate layoffs, moreso than usual.

I live in the economic bubble of the SF Bay Area, where tech wealth more-or-less insulates me and mine from the most serious consequences of a bad economy, but how are things elsewhere?

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[–] 13 points 1 week ago (1 child)

It's going to be much worse than 2008 when the AI bubble pops. Most of the economy is in a recession that's getting worse every day. But spending on AI is propping up the rest of the economy. Once that house of cards crashes down we're going to be in a world of shit.

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