Well, saving is a virtue in itself (a virtue that most Americans don’t have I agree). But it’s really a separate issue. Suppose all Americans suddenly started saving 10% of their income. That would just establish a new standard of living, a new equilibrium.

The point is, though, that the population level class structure and socioeconomic mobility/opportunity would remain. As would the fact that the current generation cannot (as a whole) afford housing the way two generations ago could.

The narrative of “the individual” encourages non-elites to compete amongst themselves for a progressively shrinking portion of the pie. From the perspective of elites it has a twofold benefit: discourage worker solidarity and encourage productivity. From the perspective of workers, the latter benefit is good (we all should strive for competence and contribution), but the former is not good (even just in terms of life enjoyment). Also, at some point the pie needs a drastic and more balanced reallocation.