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The U.S. has gone through several economic crises that put a lot of Americans into the gutter. While it's been more than eighty years, the memories of The Great Depression are still vivid today. Indeed, it has taught most of us a tremendous and painful lesson that will always linger.
But in the following decades, notable booms, bubbles, and crashes transpired. The dot-com bubble, The Real Estate Bubble, and The Great Recession are some examples. Now, the pandemic crisis and inflationary pressures are again testing policymakers.
Unfortunately, American retirees tend to be the most vulnerable to economic crises because most are on a fixed income. For instance, older Americans comprised 25 percent of bankruptcies in 2009. The same trend was visible in 2020, as shown by a survey of OECD member countries....