CBS Evening News had a segment on homeless, low-wage Baby Boomers. Now in their retirement years, they can’t afford the rent. If I had to be homeless, San Diego would be my first choice.
One thing that wasn’t mentioned is the 40 years of excessive Wall Street fees on retirement savings. It’s just arithmetic. If you’re losing the 2% per year to fees, commissions, and trading costs that the Wall Street business model is based on, you have to save twice as much money for retirement.
If we have to pay for the ensuing carnage, I’d claw back some of that to fund it.