Yesterday, Matt told you about a serious problem we’re all facing:
You see, whether you’re out of work…
Worried about keeping your job…
Or even if you’re already retired…
This problem could have dire consequences for you — and for the entire country.
Simply put, no matter who you are, this is a problem you can’t afford to ignore.
And today, I’ll explain why.
“I’m not worried…”
Since the coronavirus crisis began, nearly 30 million American workers have filed for unemployment benefits.
Maybe you’re one of the lucky few who hasn’t been impacted by the shutdown.
Perhaps your job has allowed you to keep earning a living throughout this crisis, or you already have a big nest egg, or you’re already retired.
Which is why it might be tempting to count your blessings and just ignore this issue.
But as you’ll see, that would be a big mistake…
A Vicious Circle
Certainly, workers in certain sectors have been more severely affected than others.
For instance, according to a report from consulting firm McKinsey, 86% of job losses in the U.S. came from the food, services, travel, and hospitality industries.
But the American economy is a complex system…
And job losses in one sector can quickly cascade into others.
For example, until recently, a woman named Carrie Hines served as a managing director at an advertising agency in Austin, TX.
Initially, she was unaffected by the pandemic.
However, since her firm focuses on ads for travel and hospitality — sectors that were largely shut down during the pandemic — revenue from those clients quickly evaporated…
And so did Carrie’s job. She was laid off in June.
And This is Just the Beginning
Unfortunately, this is just the beginning of a larger pattern that’s taking place.
- If people aren’t working and making money, they aren’t out there spending.
- If people aren’t spending, businesses won’t be able to stay open.
- And if businesses can’t stay open, they’ll be forced to lay off their employees.
Keep in mind: roughly 70% of our economy’s Gross Domestic Product — the sum total of all the goods and services we sell in the U.S. — comes from consumer spending.
So this vicious circle will inevitably lead to an even greater economic contraction. And when that happens, almost every industry will be impacted.
That’s why, as The Wall Street Journal recently reported: “There is no safe place in the labor market right now.”
This Impacts EVERYONE
Which is why I told you earlier that — no matter what your financial or job situation looks like — this will almost certainly impact you.
A massive contraction of the economy will affect all companies…
And that includes public companies and their stock prices!
Meaning, in addition to the economy plummeting, the stock market could plummet as well.
This will have a direct impact on your net worth, your nest egg, and your retirement plans.
Which is why America’s #1 priority right now must be to get America back to work!
And next Wednesday, Matt will be sharing a roadmap for exactly how to do that.
As you’ll see, not only could this roadmap help people get their jobs back and get the economy revving again…
But it could also help you earn some serious profits as well!
So stay tuned...