Painful for who? Maybe asset owners and the few deciles below them who live a decent life due to globally cheap labor.
For the young and poor who only have their labor to sell, the situation would seem pretty decent.
For the young and poor who only have their labor to sell, the situation would seem pretty decent.
There is no practical need for this to be centrally managed, other than you can't trust people to be responsible and plan for the future.
People already manage a big part of the pension savings by themselves.