Reply to post: Re: Infinite Economics

Basic income after automation? That’s not how capitalism works

ecofeco Silver badge

Re: Infinite Economics

People can't buy what they can't afford.

Example: in the U.S. new car sales averaged 10 million vehicles per year during the 1970s and 80s. After the Saving and Loan disaster and resulting recession, car sales have never reached 9 million again with the average being 8 million in the 1990s and then 7 million in this century.

Why? The 3 recessions from the late 1980s to now have destroyed that much disposable income of the potential buyers.

Killing the golden goose, customers, is considered a bad idea. Why American capitalism thinks this is good idea is beyond me.

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