This is an important point, and we need to realize that it's not just the rich guys (e.g., most of you) that will be hurt--most holders of retirement savings accounts are not rich.
I've personally had my net worth zeroed (in a bad divorce). The effects are quite life-changing, and I think many would not survive it. If nothing else, you begin to wonder why--if it can all be so easily lost--you should bother to work at all.
I do think the government "stay alive" payments are critical, and it looks like a lot more will be needed. But this is a very complex problem, and I distrust anyone who waves it away with a "simple" solution.
I've personally had my net worth zeroed (in a bad divorce). The effects are quite life-changing, and I think many would not survive it. If nothing else, you begin to wonder why--if it can all be so easily lost--you should bother to work at all.
I do think the government "stay alive" payments are critical, and it looks like a lot more will be needed. But this is a very complex problem, and I distrust anyone who waves it away with a "simple" solution.