[T]his is a one-time reversal of twenty years of inflation of the household balance sheet.
Also Elizabeth Warren's expertise: Household balance sheets. That's why I hope she runs for President!
An aging population needs a 10% savings rate (at least) to meet minimum funding requirements for the biggest retirement wave in US history (comparable to Japan’s retirement wave during the “lost decade” of the 1990s). With 17% effective unemployment, many Americans are dis-saving, after a $6 trillion shock to home equity.
FWIW, and on this I'm sure I'm an outlier, I'd recommend that the elders adopt the attitude that "this is a good day to die" and throw caution to the winds in all areas, including political economy. And learn how to be happy. These two goals are not mutually exclusive, and may even be compliementary. Fuck shuffleboard and being hooked up to a machine with tubes, know what I mean?