Re:Federal Reserve raises rates by 0.75%
by twblalock on Wednesday June 15, 2022 @02:42PM
(#31757403)
I think every possible "tanking the economy" scenario always hurts the poor the most.
[ Parent
| on HN ]
That's a straightforward, non-cynical thing to say just like 'what comes up must come down.' People don't seem to think so.
Anyone with $1,000 has the resources to stop any (or several) of a large number of unfortunate circumstances that they may encounter. $10,000 even more so. $100,000 should be years of runway along the same lines. So it makes sense that when everyone is riding an economy downward, the people with the least cushion get hurt the worst.
Frankly the poor are always going to get hurt no matter what you do. Being poor isn’t a position of strength in the first place. When you’re living hand to mouth you are very sensitive to any changes in the environment.
Re:Federal Reserve raises rates by 0.75%
by imtringued on Wednesday June 15, 2022 @04:38PM
(#31759157)
I think unemployment hurts the poor the most because bosses fire the least productive people (untrained workers), even when those people spend a bigger portion of their salary on consumption and thereby generate demand for products to sell. A lot of the more "productive" people already have what they want and spend their money on acquiring capital which is kind of pointless if nobody is there to buy your products.