Yes, obviously, coronavirus, collapse of capitalism etc.
Which brings us to our social crisis. This is a society in which a quarter of adults have no savings, and for those aged 22 to 30, that rises to half. There is no financial cushion if their income evaporates.
What do you mean no financial cushion? We’ve got this thing called the welfare state. We spend some 15 to 20% of everything upon it. You lose your job you get money. You can’t pay the rent you get Housing Benefit. Even, your income drops below a certain level you get cash.
What do you mean there’s no financial cushion?
Ah, perhaps you mean that the current welfare state is more than a bit shit and despite spending 15% of GDP on it it doesn’t work? Great, then let’s stop spending 15% of everything on shit then, no?
Either we have that financial cushion, the welfare state, in which case Owen’s statement is incorrect. Or we do have it and it’s not a cushion, doesn’t in fact work, in which case let’s stop having it.