How are Millenials or whatever you want to call those under age 40 or so ever going to recover? If they still have college loans to pay off, why would they save? They're paying interest on their loans, while savings earns near-zero interest. Many don't have the job security or the common sense budgeting skills to have money to put aside. Job security except maybe with government jobs is close to non-existent.
One can't help but wonder if there's any way to save those generations from abject poverty in retirement.