We have a lot of talk today that “It’s worth saving one life, even if we ruin the economy.” People who say this overlook the fact that the economy is a collection of individuals and the decisions they make when interacting. All of these people overlook what a bad economy means for real people.
“I got into economics because I wanted to make things better for the average person.”– Ben Bernanke
Today, I’d like to talk about some topics with economic relevance and show how that truly affects people’s lives. While I find utilitarian arguments weak as they can justify a range of opposing positions, I want to answer the utilitarian attacks on proponents for economic well-being.
What happens when the market takes a dive?
- Buying opportunity for the young
- Can bankrupt pensions- which kills people’s retirements
- My grandparents, who are living on their retirement funds, have 30% less right now.
What does unemployment mean?
- People unable to provide for their family- and $1200 won’t cut it
- Suicide risk increases 2-3 times, and is slightly more for men
- Loss of productivity, which is what our country’s debt’s based on
What does inflation do?
- It is taking a line of credit out in our grandkids name
- It raises prices, but not before it benefits those close to the government
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