Back in the month of May, tech mogul Elon Musk issued a warning about an upcoming and made a bold statement that “some bankruptcies need to happen.”
Meanwhile, it’s been nearly three months and this has yet to take place.
Now, there are been all kinds of telltale signs that point to exactly the thing that Musk was talking about. Erosion of wage gains due to a harsh stock market and supremely high inflation has certainly taken a toll on folks, and everyone’s noticing.
And yet, these bankruptcies that Musk predicted have yet to emerge, at least to the extent that Musk was indicating.
This is a testament to just how fickle and complex the world’s economy is. There are definitely issues at play and people are more than right to keep their minds alert in this time. But at the same time, people are still finding ways to thrive without lamenting the end of the world.
There are always many levels to any major industry, and the finance world is no different. Musk’s warning may yet come to pass, but if it does it may still take a while.
Meanwhile, analysts can take solace in the fact that there have only been a mere 212 bankruptcy filings from the start of 2022 until July 31st—a startlingly low number when you consider the country’s population as well as all of these recession predictions.