Mastodawn

While everyone busy with AI and war news, China set its lowest growth goal (4.5%–5%) since 1991, due to global and domestic challenges. India, the 4th largest economy, also struggles with high unemployment rates. These are warning signs from manufacturing and consumer driven economy of an upcoming disaster. Meanwhile, US growth relies solely on 7 mega companies with AI craze. It is not just China & India, EU, Japan other ex-USA economies are showing sluggish. (1/n)
https://www.bbc.com/news/articles/cqxddwl93qjo

China sets lowest economic growth target since 1991

It is also the first time the target has been lowered since it was cut to "around 5%" in 2023.

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nixCraft 🐧Mar 5

The US economy, currently driven by an AI bubble, is keeping its head above water for now, but it is only a matter of time before everything goes south. If you didn’t experience the 2000 or 2008 crises (I hope nobody sees it), I urge you to take precautions, starting by reducing unnecessary spending. Trim it down. If possible, build 6–12 months of savings to prepare for potential job loss. Avoid buying items on credit. Economic crashes are like harsh mistresses, they do not forgive easily. (2/2)

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Gaëtan Perrault Mar 5

@nixCraft

Since 2022, my family has been operating under the premise that we're not going to make it to 2030 without a 1929-style crash happening in the US. Lead-ins are similar, demands on the system are similar. And 1929 was much worse than 2000 or 2008.

I agree with everything you're saying, but even offer to take it up to another level. Don't just build a financial buffer, build a community one. When stuff gets bad, that's going to be the next layer of defense. We saw how people self-organized in Minneapolis around ICE. When there's the next really Big Crash, we're going to need that scale of community responses everywhere to keep people going. It's a lot easier to do if you already know people doing it.

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Scott Lowe

@gatesvp @nixCraft 100% this. Community is essential.