“Savings. If people are smart they set aside some of their income to be used in emergency situations or for retirement.”
You do realize that savings are invested and/or leveraged by banks right? And further they are guaranteed to only 100k. Unless you are talking about savings by burying actual Federal Reserve notes in the backyard and believe that inflation and deflation of currency are fairy tales, I don’t see the logic in your answer. There is still risk in savings.
There’s risk everywhere. Most people’s savings is not going to be threatened by a run on the bank in this day and age and if that is the case, hopefully we will return to sound money where that won’t be a problem.
Is having a retirement program run inefficiently by the federal government any better? So should we just never set aside our own money and expect someone else to do it for us?