yes. so the level of savings matters. but note that from this perspective, savings in a low yield CD or Treasury is superior, because given the escalator we’ve attached to equity prices, some of the deferred consumption is offset by sharp increases in wealth. 1/

you can argue that the escalator is necessary to buy off savers from current consumption. 2/

but i’ll argue no, we dramatically overcompensate consumption deferral, the great preponderance of it would remain deferred at effective zero rates, because once people saturate their accustomed amenity level, they devote themselves to endowing and insuring their future. /fin