Depressions/recessions have mental health impacts; people kill themselves in despair, lose homes, savings.
But go ahead and live in your hypernormalized fiat economics bubble where there are no externalities. The price of an ounce of gold and the speed of light are both immutable properties of reality I guess.
Starting a trade business is orders of magnitude easier, especially right now with a shortage.
I helped a friend lease a floor sander and they make almost what I do in tech after a couple years (I took a pay cut for reduced work load; not making FAANG cash) Bought their own floor sander.
The VC-tech bubble really screwed up the economics for the majority. Will be great if higher rates mean bunch of people working for funds and yet another clone of bear are scooping ice cream in a few years
What a coincidence it will be a pain absorbed mostly by those working pay check to pay check and not the politicians and bankers with a legal moat of grifting off our agency.