whenever you see small businesses file bankruptcy.. most of the time its for them to write off debt and start the same service/product under a different brand the following month.. thus no societal harm to employees/customers
however when you see national chains go bankrupt. the big thing people need to look into is the pension fund deficit.. yes employees dont lose their jobs but find out the CEO has been syphoning off their pension deposits too
here in the UK a national chain called wilko's resently went into administration but the biggest story is that for its 2000 employees it has a massive £58m-£76m pension deficit.. yep £29,000-£38,000 pension loss per average employee.. which is alot of money
what we around the world experienced in 2008 with the real estate fiasco. we will start to see with the pensions deficit in the next decade
i know most americans will say they dont care because they have protected private 401k's but even they are at risk..
i just checked a US national chain that went into administration (bed bath& beyond) and even they have linked in some pension warnings
https://www.theretirementgroup.com/featured-article/5448093/attention-bed-bath-beyond-employees-vanguard-report-reveals-significant-decline-in-401k-balances-over-two-years?hsLang=enheres the comedy
Diminishing 401k Assets:
According to Vanguard, a prominent investment funds giant, the average balance in 401k and 403b plan accounts has decreased from $141,542 in 2021 to $112,572, representing a 20% loss over a two-year period. Median balances have also been affected, dropping from $35,345 to $27,376 for retirement account clients. The primary reason for this decline is the poor performance of equity and bond markets. Additionally, inflation, which reached a 40-year high in 2022, remains a concern for both policymakers and households. The impact of rising interest rates, particularly in the mortgage sector, has further contributed to the decline in 401k assets
inflation does not make peoples account balance diminish.. $141k would still be $141k but how many loaves of bread or sports cars you can buy with it would be less .. but when they say money has escaped the accounts leaving individuals with less funds on average.. that means companies have been taking money out/losin money.. but not from inflation