And it is starting to kill the hopes and dreams of many citizens as well.
Tell me how the baby boomers (who largely voted for him it seems) are going to survive this? In the last few months they have lost roughly half their retirement savings, and roughly half their equity in their primary residences.
These are people who were planning to retire in the coming years and certainly in the next decade. This is worse than just having less to retire on. As they near retirement, they will contribute less to the markets and draw down more. They will liquidate into every rally over the next decade or more to stash cash for their retirement.
Since boomers outnumber all others, they may end up drawing out of markets more than all others put in. This means stagnant or barely rising markets going forward.
I cannot see how the stock market can recover at all. Maybe housing can be propped up with some aggressive federal lending programs (maybe, if that... though there is the benefit of immigration/population growth to fuel real estate), but imho equity markets are dead money for long term investors. It took some 30 years for the market to recover what it lost during the 1929 crash. I think we’re gonna experience the same.