[hga]

And after the real rate of inflation and taxes.

But that's in part because we're now in a period of financial repression: https://en.wikipedia.org/wiki/Financial_repression

But lots of that is still true, e.g. it's vital to have a reserve.

[dllthomas]

"And after the real rate of inflation and taxes."

Yes.

"it's vital to have a reserve."

Agreed!