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As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
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President Donald Trump on Thursday blamed the Federal Aviation Administration’s “diversity push” in part for the plane collision that killed 67 people in Washington, DC. But DEI backers, including most top US companies, believe a push for diversity has been good for their businesses.
Trump did not cite any evidence for how efforts to hire more minorities, people with disabilities and other groups less represented in American workforces led to the crash, saying “it just could have been” and that he had “common sense.” But Trump criticized the FAA’s effort to recruit people with disabilities during Joe Biden’s administration, even though the FAA’s Aviation Safety Workforce Plan for the 2020-2029 period, issued under Trump’s first administration, promoted and supported “the hiring of people with disabilities and targeted disabilities.”
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It’s not the first time opponents of diversity, equity and inclusion initiatives, or DEI, have said they can kill people. “DEI means people DIE,” Elon Musk said after the California wildfires, criticizing the Los Angeles Fire Department and city and state officials for their efforts to advance diversity in their workforces.
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