I wonder if the people that now have 401k/IRA retirement plans instead of pensions believe that. I also wonder what the folks that wanted to invest their own Social Security in the markets think about 1 person having the ability to wipe out their future think by tanking the markets and caring not because the markets arent the economy.
News for a few, while not the economy, the markets will drive economy. The tariffs are only one issue, the capricious nature of their development and ability of 1 person to make that decision scares a lot of people — and fear is a significant driver when decid8ng to spend or invest.
Money will not flow from retirees deflated retirement accounts into the economy, those still trying to retire will now divert even more money into saving for retirement so that money won’t flow into the economy, businesses are now dealing with economic uncertainty and will not be as likely to invest in job creating expansions in areas of uncertainty (the US) as many will decide a reasonable profit at lower risk generated somewhere else is better than potentially equal or bigger profit with higher uncertainty risk is preferable.
Right now, the admin has a done a horrid job of communicating- are the tariffs in place permanently to replace income taxes? Are they temporary to create negotiating opportunities? If temporary tactic, how are they going to make millions of Americans who have lost trillions of dollars whole? It appears the admin can’t explain it because they are still making it up as they go. Not the sign of leadership.