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This is exactly what workers mean when they say the stock market isn’t the economy.
Yeah but their entire retirement is based on it!
Such an insidious way of keeping workers complicit in our capitalist hellscape.
Oof, somehow this escaped me, even though I participate, while hating it, and thinking at least a bit about that fact along the way. The thing doesn't have to even be deliberate if it's effective - accidentally-discovered techniques often work as well as planned/sought ones.
By which I mean, of course this situation is not some deliberate "super-rich cabal" silly scenario, but damn if the levers don't work exactly that way. My and my family's future well-being, as a strictly mandatory goal to pursue, is turned into fuel for a machine I hate (contributing to 401k), and the hope I've been soft-coerced into is a hope that the hateful thing spits out enough at the end for me to keep:
The folks with the resources and "character" to enjoy, exploit, and move stocks love this. The new yachts we buy them, ridiculous "homes", and the unbelievably fresh new whatever's on their idiot status comparison instruments are never-before-seen and even more egregiously wasteful than their awful rivals'.
The folks doing less well than me? I mean we don't even hear their misery, except in limited outbursts at strange times in retail and food industry settings or other such. The folks actually working themselves to death, SO many of us, are too fucking busy to even properly cry out.
Their entire retirement is held hostage by it. Fixed it for ya.
Lol, you think we'll be able to retire 😂
I've lucked out and tracking to retire at 60 but my grandfather has been retired about as long as I've been alive (55).
I'm 30 next month, I joined the military right out of high school, and I specifically remember them teaching us a bit about 401k's because of our ability to participate in TSP.
The instructor very clearly told us, the average American needs $1 million in their retirement account when they to to retire to live comfortably. Not extravagantly, comfortably.
Just a couple weeks ago I saw an article saying the average American now needs $2 million in their retirement account to be to retire comfortably, and this is assuming they don't have a mortgage payment, etc.
So in 11 years, the amount needed to retire comfortably has doubled, and yet my wages haven't doubled... Minimum wage hasn't increased in decades, sure they're talking about $15/hr now, but that should've been 10 years ago. With inflation, minimum wage should be around $26/hr, yet even in my blue state, it's like $15.60/hr or something, it's barely over $15.
Throw in the recent news about the inevitable and quickly approaching AMOC collapse and the climate hellscape that's going to come with it... Our futures were robbed from us for profit, and even if I started making triple what I make now, I'll never be able to retire, nor do I even have a retirement account anymore (I cashed mine out to help me during some really rough financial times right after the pandemic, y'know, when the government told the average American to go fuck themselves). And I was one of the few among my friends who even had one.
So, like many people around my age, my retirement will either be societal collapse in the next couple decades, or a bullet to the head (if I could even afford the bullet) as I die in old age, homeless, while we probably have six trillionaires at that point.