isn't just reducing the net worth of billionaires like Elon Musk and Jeff Bezos. It's also taking a toll on Americans' retirement savings, wiping out trillions of dollars in value.
Investor concerns about spiraling inflation and growing recession risks are weighing on financial markets. Reflecting those fears, the Dow Jones Industrial Average on Thursday "One could argue that these recent losses are simply wiping out the extraordinary gains that occurred from mid-2020 to the end of 2021, so that people are not actually worse off than before the pandemic," Munnell wrote in a blog post, shared first with CBS MoneyWatch. But human nature being what it is,"the prior gains were permanent, so the recent losses are no less painful.
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