Yellow, which received a pandemic loan, is winding down operations ahead of an expected bankruptcy filing. The closure of the company would mean the loss of about 30,000 jobs.
If a crash of that magnitude happens it’s not like social security would fare any better. At that point you’re talking about full scale economic disaster that affects the entire world.
It doesn’t require a full scale Great Depression style meltdown, the ‘downturn’ of 2008 caused significant difficult for many, it simply requires a sharp enough retraction of Investment Capital. That retraction is already in progress as the retirement rate for Boomers escalates and more of them begin selling their stocks and bonds; either directly or through their retirement instruments like 401ks and Pensions.
I’m not a doomer but I am fairly convinced that 401ks are a timebomb.
If a crash of that magnitude happens it’s not like social security would fare any better. At that point you’re talking about full scale economic disaster that affects the entire world.
It doesn’t require a full scale Great Depression style meltdown, the ‘downturn’ of 2008 caused significant difficult for many, it simply requires a sharp enough retraction of Investment Capital. That retraction is already in progress as the retirement rate for Boomers escalates and more of them begin selling their stocks and bonds; either directly or through their retirement instruments like 401ks and Pensions.
I’m not a doomer but I am fairly convinced that 401ks are a timebomb.