Comment by jmyeet

If only that were true.

The likes of Google, Meta, Microsoft and Oracle will survive by cuttings costs (ie firing people) and probably getting bailed out by the government, either with direct loans or simply with government contracts.

We're already seeing massive increases in homelessness. Now imagine if unemployment goes to 8-10%. We had higher unemployment in Covid but the government opened the money faucet to avoid a complete collapse. Unemployment peaked at around 10% in the GFC and it was both a massive wealth transfer to the already-wealthy and a massive decrease in real wages as entry-level positions disappeared.

You don't spend trillions in corporate investment to have the bubble collapse and society not to feel the pain.