[bachmeier]

You have to use caution when interpreting those numbers. The bottom 50% doesn't have much wealth, so a big chunk of their wealth will decrease. It also tends to be unevenly distributed, so for those trying to improve their situation (think someone 60 years old with $50K in retirement savings), it would hit really hard. Plus a lot of those people would lose their jobs when the highest 10% cut back on spending.

[hapless]

If you have $50k in retirement savings at age 60, you are already broke

Turning it into $40k or $70k is unlikely to impact your life outcomes

[bachmeier]

That doesn't reflect the reality of life for those in the bottom half of the wealth distribution, and especially for those in the bottom quarter. $30K is a lot of money to them. The 30th percentile of income in the US in 2023 was under $30K. They're hoping to grow their $50K to $100K or $150K before retiring at 70.

[franktankbank]

So you're saying I'm invincible!