In a word… Devastating.
Jobless can hit 30% or more
A recession is all but a certainty
Consumer demand has dried up
The travel industry will likely see failures
The restaurant industry will see unprecedented failures
Buildings will be likely be vacant
Bankruptcies will grow
Government bailouts will soar the National Debt
Inflation is likely to ensue.
Savings will earn virtually no interest, the effect of compounding virtually vanishes,
Savings will evaporate
The stock market and 401K savings continue to vaporize
But this will pass and WE WILL RECOVER.