Commentary
Even with last week’s recovery in the stock market, the losses to U.S. investors and families over the past several months have eclipsed $5 trillion. To make matters worse, nearly another $1 trillion in U.S. wealth in cryptocurrency was wiped out during the mega-selloff in May, as investors rushed for safety.
This is ripping into the savings of American families and their retirement accounts with the value of nest eggs being diminished. So much for buying that second home in Florida.
Business Insider calculates that Americans have lost another $3.7 trillion in earnings during the pandemic over the past two years….