The debt ceiling debate is now last week's news, but the financial shoes continue to drop. Standard & Poor's downgraded the credit rating on U.S. debt, prompting a substantial sell-off of stocks today on Wall Street. And the economic turbulence affecting the U.S. economy is unlikely to end anytime soon.
For decades, American workers had it figured out. Many people would spend their careers at a single company and then retire at 65 with pensions that would carry them through their senior years. Everyone did not get a gold watch, but retiring with a good pension was often a reasonable expectation.