A new theme, MEME-ing for Change, is going viral on social media! It points to recession signs and plays on our wistfulness for the mid-2000s, an era wholly shaped by the Global Financial Crisis of 2007–2009. This worrisome trend has been a catalyst for discussions about the economic doom and gloom as Australians face high-interest rates and a cost-of-living crisis. As our own Dr. Zhong has noted, that panic about these economic troubles is “completely unwarranted.” They illuminate the struggle of millions of Americans during the last few years.
The meme’s origins trace back to a 2019 tweet, which humorously linked various pop culture references—including Lady Gaga’s headlining of Coachella—to signs that might suggest an impending recession. This meme speaks to that deep sense of nostalgia. It resonates with our deep desire, shared as a nation, to return to the warm, soothing cocoon of normalcy that wrapped us up every day pre-pandemic.
The Role of Nostalgia in Economic Anxiety
The bottom line, according to Dr. Zhong, is that too many Australians have faced the burdens of our current economy. “I can acknowledge that the past few years have been hard for a lot of Australians, with interest rate hikes and the cost-of-living crisis,” he stated. Economists, planners and some government officials hark back to those fortunate mid-2000s days. Now, as their own experiences with rapidly inflating costs have triggered an increasing apprehension, those tides are changing.
Though economic indicators have changed recently, sentiment — or perception of these changes — has taken center stage among public figures. Prime Minister Anthony Albanese pointed out visible signs of distress, such as empty caravan parks and abandoned storefronts, which reflect broader feelings of uncertainty across Australia. “These are used because people find that they’re relatable,” Dr. Zhong explained.
With all these fears, that’s where this meme comes in as a coping mechanism. According to Dr. Scully, especially in uncertain times humor has a unique power to soothe. “But they’re sort of comforted by the fact that they can’t control the moron who’s in the White House, but there are things on the human level that they can control,” he remarked, suggesting that humor can offer a sense of agency and relief.
Memes as Commentary and Community Building
The meme’s power to forge communities based on similar lived experience is the most powerful aspect of the meme. As Dr. Scully notes, nostalgia has a tendency to resurface whenever there’s economic turmoil. He calls to mind parallels to what was said after the Great Depression—a time when music and art offered healing grace. The current meme culture works this way too because it builds emotional bonds between people who are dealing with financial precarity.
Though this use of humor might sound silly, social media platforms have been powerful tools for sharing these memes far and wide. “All you really need is a computer and an image, text and the platform to disseminate,” Dr. Scully stated, underscoring how accessible these forms of expression have become in the digital age.
A new study shows that memes we share during times of crisis—like the global pandemic we’re currently facing—actually reduce stress. In Spain, WhatsApp memes forged a deep sense of community amid crisis. What this proves is that humor is the most important tool in resilience’s utility belt.
Economic Context and Cultural References
The current meme signposts something much deeper and much darker — economic currents that stretch far beyond Australia. For consumers in the United States, skyrocketing prices for consumer staples such as toys and toasters are at the top of mind. For context, at the same time, the Gross Domestic Product (GDP) is contracting at an annualized rate of 0.3 percent. This context deepens the anxieties already felt over national and global economic instability.
References to current pop culture are essential to creating memes that grab attention. Artists such as Ed Sheeran and digital distribution platforms such as Spotify significantly increase their reach and consumption. The avocado toast debate represents the generational issues and economic burdens placed on young Australians. Dr. Zhong brought attention to this phenomenon. He asserted that it’s indicative of the view that younger generations can’t buy houses due to their lifestyle choices.
The meme has garnered the attention of influential satirical news-spreaders, such as the Onion. This media focus has only illuminated its importance to the conversation being had today about economic uncertainty. In fact, it’s going quite viral on the internet. This is indicative of a deep seated critique of the prevailing economic narratives and provides an avenue for people to interact with the economy in a more relatable way.
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