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Cake day: June 11th, 2023

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  • silence7@slrpnk.netOPtoWorld News@lemmy.worldChina’s Economy Is in Serious Trouble
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    10 months ago

    Per the article:

    Now, these problems have been fairly obvious for at least a decade. Why are they only becoming acute now? Well, international economists are fond of citing Dornbusch’s Law: “The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.” What happened in China’s case was that the government was able to mask the problem of inadequate consumer spending for a number of years by promoting a gigantic real estate bubble. In fact, China’s real estate sector became insanely large by international standards.






















  • Wages at the bottom end of the scale haven’t been ok since Reagan decided to break things. Biden hasn’t managed to fix this; he was the moderate candidate who wasn’t willing to break the billionaires. And even if he had been, at no time during his Presidency have we had a Congress which was willing to go back to taxing the wealthiest at rates high enough to redistribute wealth back down the ladder.

    The answer to that is under no circumstances to go choose somebody in a party whose core promise is to transfer even more wealth to the richest.