Yeah, this. Can't speak for the US but in the UK most of the middle class (at a guess around 50% of the population) has at least some* of their retirement savin

Yeah, this. Can't speak for the US but in the UK most of the middle class (at a guess around 50% of the population) has at least some* of their retirement savings in pension funds which rely on capital growth to fulfill their intended purpose. *most of the rest being in house prices to which the same applies in part.