> but that doesn't mean it is uniform, or the payers and recipients are the same in terms of participation, returns, or even time. I’m not sure if I’m followin

> but that doesn't mean it is uniform, or the payers and recipients are the same in terms of participation, returns, or even time. I’m not sure if I’m following, but a (let’s say) 20% cut to the value of an average retiree’s pension account will hurt much _more_ than the same cut to a diversified wealthy person. This is simply because poorer people are affected more by fixed costs. I don’t see where the populist angle comes in. Shouldn’t the populist angle be about targeting the “elite” specifically?