COVID-19 Outbreak (Update: More than 2.9M cases and 132,313 deaths in US)

Loose Cannon said

Yeah, I don't know your financial situation and I wasn't directing my post at any particular person or personal situation. But what I had in mind is people making $80,000k+ per year over a period of time who are living paycheck to paycheck. There's no excuse for that.

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How much of our economy is based on people doing exactly that though?

If everyone in the whole country decided at the same time that from now on they were going to live modestly within their means, and not do any frivolous spending until all their debt is paid off and they have a fund of at least 12 months worth of expenses in the bank what would the fallout of that be?