“There are many other ways to attain investment income in a conservative fashion
Right you are. Annuities, for example. But the rates on such vehicles are influenced by bond rates.”
The annuity companies have to invest the money they receive from you in something. If they go bust, your annuity payments stop.
Same holds true for anything. Last I heard the government in many states cannot afford their db pensions. Oh, an there are ongoing rumors that your Social Security and Medicare benefits will be cut.