Animating squash and stretch bulge

Hi all,
I have a cylinder that I want to animate with a cartoony vertical squash and have the cylinder bulge. I have tried numerous modifiers but I can’t seem to figure it out. Any ideas?

Thanks

This may help, I ran through the rigging part and the problem I had in 2.82 is that you cannot select the bone “through” the other bone. I had to use the outliner, and it works backwards.

Thank you very much for the link!