"Trump recession" ignites a new trend on American social media: learning how to deal with tough times.
In the face of growing concerns about the economic recession caused by President Trump's rampant tariffs, many American internet users are exchanging a skill on social media: how to survive during an economic downturn. Megan Way, associate professor at the Babson College studying family and intergenerational economics, noted that during times of economic downturn, this type of collective knowledge sharing behavior is very common. During the subprime crisis, discussions on cutting expenses or extending food storage times often occurred among neighbors, but with the rise of social media, it is now logical for these conversations to move to the "digital square". As a reference, the University of Michigan's consumer confidence index released last Friday has dropped to one of the lowest levels in over 70 years. Harvard professor and former U.S. Treasury Secretary Lawrence Summers commented on Friday that the first hundred days of Trump's presidency this year might be the most unsuccessful among all new presidents in the United States since World War II. This is not a personal or partisan conclusion, but a verdict from the market. Summers also criticized that when a country's president seems to be pushing affairs in an ill-considered populist direction, contrary to all economic wisdom, bad things will happen.
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