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harryeagar's avatar

Pensions are almost all underfunded, so a rising market at least makes the fund managers' lives easier and in some cases might keep a marginal pension from going broke. Most younger people now are not in structured pensions but various IRAs. The stock market gets most of that money, so the gyrations of the market induce constant anxiety in the workers.

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harryeagar's avatar

It would still leave them up around 30% for the year on what we New Dealers used to call the 'unearned increment,' so they would have to contemplate the future in smaller yachts.

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