This will be good for the job market. It'll keep the older workers working a couple decades longer, and leave the younger workers on the sidelines for just as long waiting for jobs. /s

Sarcasm aside, it's devastating. We've lost 30% of our purchasing power on our wages, but that also means 30% of purchasing power on our savings, necessary for retirement is gone. Now, our retirement accounts across the board, on already devalued dollars, are plummeting. It is no joke, that this will affect ALL people of all ages for many, many years. And for many, who spent their entire lives living frugal, saving, contributing, building, and serving, who have already endured more than one of these setbacks, they will never rebuild from this one. This means a wave of aging people descending into dire poverty, and thus becoming a burden on the next generation. The only recourse becomes, we fill the streets with impoverished and hungry or we raise taxes on the younger workers to support them. It's a real shame too, because most, fed into the system, paid their taxes, lived frugal, worked smart, worked hard, and the ONLY winners in all of this have been the people that took, and took, and took to turn themselves into multi-millionaires and even billionaires.