110. The Economy Is People

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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