I don't disagree with your points. In particular, I think real return, averaged geometrically, is a better number to look at and design these calculators / spre

I don't disagree with your points. In particular, I think real return, averaged geometrically, is a better number to look at and design these calculators / spreadsheets around. When you do that, the numbers end up looking quite a bit less cheerful, and as a side effect the big advantage of equities over debt erodes somewhat. The other thing that the frugality and savings über alles crowd neglects to mention is that different people have different preferences (and that's okay!). Including preferences dealing with intertemporal discounting. It's one thing when you are trying to develop pithy messaging aimed at the general public and quite another to make un-nuanced arguments in forums that allow for them.