Deutsche on the US. This is very likely to come here with consequent calls for ramped immigration, another policy to sustain secular stagnation:
For the first time, the average American worker believes she is more likely than not to retire by the age of 62. That is a problem.
Put simply, earlier retirement requires a larger nest egg. In the last two years households propped up their nest eggs with income not spent during lockdowns and with cash handouts from government. This goes a long way toward explaining why household consumption failed to go as “gangbusters” this year as many expected, with excess savings instead being channelled into safe assets such as US Treasuries. In our view this was hardly surprising. It does not even take a massive shift in preferences for households to squirrel away large but one-off windfalls; there is plenty of evidence in empirical economics that households have always done so.
