Only if you are 60 and about to retire does this matter. Not like a 20-50 year old will tap into their 401k, and not like they have too much saved in these funds to begin with. Most of the middle class with retirement plans will ride this out like they did the last recession and every one before that. They might have to hold off on buying a new car for a year or three, but they will be fine when the business cycle rights itself again.

The people working 60 hour weeks comprised of 3 part time jobs that refuse to pay out full time hours and benefits just to share a bedroom in south LA while accumulating zero savings? These people are about to experience real pain, and news coverage and forums like HN generally have no concept of the working class.