Note: This thread is related to #Coronavirus #COVID19

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Khanoisseur 🐶🤦🏻‍♂️🌎+ Your Authors @Khanoisseur Nonpartisan fact-checks + “frustratingly accurate” analysis of news (+🐶 pics). *Turn notifications on* Stuff @Google @Twitter @Facebook @Tesla @Audi Jul. 06, 2020 1 min read + Your Authors

Nearly 70% of Americans don’t have access to 401K — many who have a 401K don’t have enough in it for retirement because of taking money out for healthcare or urgent expenses.

401K is no substitute for stress-free, affordable healthcare, education, and proper social safety nets.

US with a “soaring” stock market: 12% unemployment, 140,000 Covid-19 deaths; millions uninsured and going broke over medical bills; ongoing racial/societal chaos; massive economic insecurity

Japan, whose stock market is at 1990s levels: 2.6% unemployment; 900 Covid-19 deaths;

And you can’t cash out your 401K without incurring massive penalties, so the little players are forced to keep their money tied up in 401Ks even when they get wiped out in the inevitable crash. We’ve seen this movie before.

As for the NASDAQ soaring, that’s due to tech companies, mostly based in immigrant-friendly, liberal “sanctuary cities” in California, Washington, New York, DC etc. Even “red” states like Florida, Texas, Georgia, rely on California’s tech giants to generate revenue in-state.

With Covid-19 infections continuing to soar on Trump’s watch, while he attacks liberals in key states that produce technology advantage for US, investors will move money out of US to fund startups in Canada, Australia, New Zealand, Germany, China, Japan, South Korea, UAE, etc.

Some people are draining what little they have in savings or retirement funds to avoid eviction, setting in motion societal changes (families breaking up, suicides, substance abuse etc) that can destabilize US for years to come — so much for the “booming” stock market.

You can follow @Khanoisseur.


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