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It all goes back to the Keynes doctrine - saving is evil, it is more "efficient" for people to spend their money ASAP, borrow more ASAP (as much as they can secure), and then rely on the government to cover their butts later. And their math is sound (except that the plan is structured such that eventually the whole thing has to collapse unless enormous population growth can be sustained - "we are all dead in the long run" is the wittiest of their rebuttals, so at least they recognize this obvious deficiency, but don't care). It is actually worse than the concept of using a sequence of ever newer credit cards to pay off previous credit cards - because here, the credit limit keeps skyrocketing automatically. Everyone can see on paper that the idea could work "forever" given a few asinine assumptions.

$10k from your own savings is no better than $10k of largess from the government. Paying for your food and lodging during retirement yourself from prior savings is no better than having the government provide them via enormous social programs. Actually, in both cases, the government-sponsored alternative is viewed as being superior, because the hazard of "excessive savings" (money not best put to work) can be avoided.

It is sick, and has been taught in most economics departments as the orthodoxy for decades. The most glaring deficiency in the analysis, to me, is that things like freedom, government tyranny, and other "externalities" are tossed overboard as nuisances. I'm much more fond of the Chicago school (where the end result of the analysis is at least compatible with liberty), and with the Austrian school (where liberty, tyranny, and other concepts are treated at the onset as more than inconvenient abstractions). Free markets went out of style with mainstream economists decades ago - we are the bitter clingers.

Saving is great, when one has a job and the means to save...I think that’s the concern here.

No solution will make everyone happy. Leave it alone, and you face companies not making payroll due to freezing of short-term credit (which the rate cut may only mitigate slightly)...

Unemployed people don’t save ANYTHING!