We are at a VERY precarious point. Prolonged recession, and potentially...
a severe depression rivaling that of 85-90 years ago are within the realm of possibility if we can't figure out a way to get a handle on this very soon. The point of no return is fast approaching- meaning that the economic damage will be so extensive that a rapid recovery simply won't be possible. They're floating potential unemployment numbers on the low 30% range- think of what that means. I know that the feeling is that it will rapidly rebound once things open back up, but that can't happen if a large proportion of businesses that formerly employed all those people no longer exist, or are so significantly altered (shrunk) that they can't hire as many people back.
This is crazy. A month ago I was talking to my financial guy and tracking my ability to retire by age 60 (I'm 47). Now we're talking about our cash position and how long we can make it in the event I lose my job and can't get another one for a long time.
I'm generally not the alarmist type, but this is scary stuff.