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Yes. Ppl pretend that things will magically switch off after the virus is contained. They won’t, it will take time.
Also, service and hospitality staff are the first to go. There are about 23mil ppl in a variety of categories under that umbrella. I’d be shocked if 95%+ of them are not unemployed by end of April. That’s 23m with zero consumer confidence and desire to spend. Think about the impact that will have on the economy. And we are talking only the most impacted population. There are millions others. Consulting firm staff levels won’t be what they are today at the end of 2020 - just one example.
🤯😭
Btw - here is the bright side - we live in probably the only country in the world whose currency everyone wants and that can print 10% of GDP over the weekend. So... More stimulus is coming 😀
I’m afraid of what’s about to happen to our economy
Thing to do now is prioritize your health and that of others. This is one of those things where only one thing can be done at a time.
Why are you surprised by this - are you not watching the news at all? More people filed for unemployment in the last 2 weeks than the first 6 months of the 2008 recession.
I was. Your 401k in stock will bounce back; that’s risk exposure and the game you play. This time around it’s hitting the SMBs directly and not the same.