This is how a nation falls: There is price inflation, but not wage inflation. It’s also what brings elderly out of retirement. A friends parents had to do that around 1980. High price inflation made their life savings and retirement effectively worth so little they had to go back to work to make ends meet.
Yes, the article may be alarmist and from a suspect source, but wage stagnation is real and has been a serious issue for about 4 decades now. Which means we are into the second generation that doesn’t have much hope, on average, of being as prosperous as their parents, much less exceeding them.
If they had saved some the could have bought high yielding bonds and lived very well.
“A friends parents had to do that around 1980.”
In 1980, there was double-digit inflation. That’s not the world we live in presently. The main reason today for people to delay retirement or go back to work after a brief spell of retirement is inadequate saving during their work life. Yes, some people never made enough money to put away adequate saving. For many, however, the second home, RV, boat, club membership, etc. seemed more important than prudent preparation for their retirement years.