The permanent underclass is growing and growing. Long-term unemployment is the death knell for most individuals and families. If they were smart enough to have savings, they go through that first. Then, sell whatever they can to stay afloat a few more weeks/months. The last resort is cashing in on retirement and investment accounts. When those are gone, they have NO safety net.
In Argentina, by the end of their economic collapse, 60% of the population was at or below poverty level. This absolutely can happen here, and long-term unemployment is paving the way.
When gleaners wander the suburbs ahead of the trash truck, that’s when we’ll be Argentina.
When gleaners wander the suburbs ahead of the trash truck, that’s when we’ll be Argentina.