[Fury]

So we’ll just have to deal with another Great Depression. Just hope Americans understand that’s what’s coming. I don’t think they do.

My take - and if we do, everything's on the table.

Social Security retirement benefits, federal retirement benefits (civilian *and* military), state retirement funds, etc.

Everyone's 'gonna take a haircut that depends on federal and state treasuries for their benefits.

People that think we are going to get all workers that are unemployed as a result of COVID-19 back working again will have to contend with small businesses and companies that just will not open back up again.

Even holders of US Government debt backed by the full faith and credit of the US will take a haircut by virtue of negative interest rates appearing more likely since March 1.

[masadaman]

But this Great Depression if it arrives will be different for many reasons, not the least of which will be the millions of people who did not and will not lose their job because they work for government, federal or state or local. Will the rest of us stand by having the private sector destroyed while folks who happen to work for your local dog catcher or in the Department of Interior budget office don’t pay any price?

When FDR became President, government workers were an inconsequential factor and most of his proposals to get the nation out of Depression were essentially creating work via government programs. Fearful that this pattern will emerge again such that the private sector is completely decimated.

[Pelham]

“Even holders of US Government debt backed by the full faith and credit of the US will take a haircut by virtue of negative interest rates appearing more likely since March 1.”

Negative interest rates don’t affect Treasury paper.