alt Hacker NewsYeah seriously. Don't people understand the fact that society is not good at mopping up messes like this—there has been a K shaped economy for several decades now and most Americans have something like $400 in their bank accounts. The bottom had already fallen out for them, and help still hasn't arrived. I think it's more likely that what really happens is that white collar workers, especially the ones on the margin, join this pool—and there is a lot of suffering for a long time.
Personally, rather devolving into nihilism, I'd rather try to hedge against suffering that fate. Now is the time to invest and save money. (or yesterday)
If white collar workers as a whole suffer severe economic setback over a short term timespan, your savings and investments won’t help you.
Unless you’re investing in guns, ammo, food, and a bunker. We’re talking worse unemployment than depression era Germany. And structurally more significant unemployment because the people losing their jobs were formally very high earners.