An economics expert issued a sobering warning on Thursday about the impact President Donald Trump’s war in Iran could have at home.
Catherine Rampell, economics editor at The Bulwark, argued in a new article that the war in Iran could cause a few “ticking time-bombs” that already existed in the U.S. economy to finally explode. She mentioned the artificial intelligence bubble, the long-term displacement of white-collar workers, and the collapse of fragile “private credit” markets.
“There are (metaphorical) ticking time-bombs planted around the global economy that are unrelated to what’s happening in Iran,” Rampell wrote. “And if we are unlucky, some or all of those bombs might explode in short order.”
She noted that while the issues themselves are different in nature, each of them could compound the impacts of the others. For instance, businesses financed by loans from private equity firms could see funding dry up rapidly. Many high-paid tech workers could also lose their jobs due to advancing AI.
“Again, none of this is inevitable,” Rampell wrote. “And much of it isn’t even Trump’s fault! But if we get unlucky, things could go south pretty fast. And not just south but really south.”
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