Even if you don’t have a 401k or IRA or otherwise personal investment in the market, everyone is exposed via tax liabilities of their city/county/state’s taxpay

Even if you don’t have a 401k or IRA or otherwise personal investment in the market, everyone is exposed via tax liabilities of their city/county/state’s taxpayer funded defined benefit pension plans…which are invested in the private equity funds that everyone loves to gripe about. Lower returns means higher tax liabilities.