The case for doom and gloom: why this upcoming recession might be just as bad as the 08 crash

1: there is a current war in Europe that will cause famine to countries like Egypt due to Egypt getting a lot of their food from Russia and Ukraine

https://www.ft.com/content/ce2c9890-1aa2-4d56-bd4f-bcf9d4b5a0c4

2: inflation is at a 40 year high due to insane money printing with PPP loans, super low interest rates, and stimulus. Especially since this money printing happened while the economy was shut down and wasn’t producing much..

https://www.politico.com/amp/news/2022/06/10/inflation-new-high-may-00038786

3: asset values are at an all time high and appreciated a ridiculous amount in just a couple years, like real estate and the stock market (not the stock market anymore, I digress)

4: there is a massive labor shortage in the US

https://www.uschamber.com/workforce/understanding-americas-labor-shortage

(2.8 million fewer American workers working today compared to February 2020.. this extremely dampens economic output)

5: gas is at $5 a gallon on top of high inflation (double whammy, 08 had high gas but not high inflation as well), with no end in sight because of the Russia ukraine crisis

https://www.cnbc.com/amp/2022/06/11/gasoline-prices-top-5-a-gallon-nationally-for-the-first-time-and-are-likely-headed-higher.html

6: let’s not forget a million people died from coronavirus in the US, that attributes to the labor shortage and our overall economic output (and a huge tragedy for all.. morale is at an all time low)

https://covid.cdc.gov/covid-data-tracker/#datatracker-home

I think this upcoming recession will be just as bad as 08 but in different ways, all of these circumstances are different from 08.

I hear a lot of people on this sub deny that this recession will be as bad as 08, and while that could be true, I just thought I’d give my thoughts on why I think it will be, but in different ways.