[rolling_roland]

I think you are underestimating the effects of real depression even in a wealthy first world country. Finland went through depression in the 90s when the Soviet Union collapsed and it left behind a cohort of people who never really recovered or gained employment.

You seem to think that being poor in a first world country is just skipping few vacations and luxury items but otherwise life can be wonderful. I think you severely underestimate how poor people can get even in countries with strong social security, like the nordic countries.

Also the idea that misery is mostly political decision sounds just silly. Most of Europe hardly recovered from 2008 financial crisis and are already cracking under the demographic shift, baby boomers retiring. Add a covid depression into the mix and things can get really bad. There's just not enough money in the economy to share for both the retirees and a large number of unemployed. This can cause a vicious cycle as the increasing social spending will increase taxes, increased taxes will go to increased labour cost, increased labour cost will drive down demand on European goods increasing the unemployment even more etc...

There's always a cynic to rain on your optimism :)