Does The Atlantic think people are just going to lay down and die when it comes?
People will deal with it the way they always have of course, by modifying their behaviors to align with current financial realities.
I really don't understand the point of article like this.
If most people in a state is underwater on their house and they declare bankruptcy there is a real economic erosion that occurs. Foreclosed houses get looted, depressed people stop working, already stressed state finances break under the burden of further aid applicants.
By saying they'll just "modify their behaviours" you're essentially saying they'll just "go on welfare or become homeless on the street".
Most of America is not ready for the next recession, and it is coming at the worst time, when Baby Boomers are starting to strain the retirement and healthcare systems.
Skilled individuals can seek employment (at least until regional supply is exhausted) whereas wealth does not recover so quickly. What can take a generation to build up would be wiped out within a single fiscal year.
War and economic recessions/depressions have a tendency to assiduously devour the rich. To be quite honest, war and economic depressions are the best way to reduce income inequality. The old adage of the tree of liberty needing to (regularly) be replenished by blood seems to apply.
It's a definite possibility [1]
[1] http://www.npr.org/sections/krulwich/2014/06/11/318885533/su...
God what a beautiful way to describe violent protests and looting. They are just adjusting their behaviors to align with current financial realities!