If people's retirement money is shrinking, it's not just "I'm not shopping anymore" it's "I have to save as much as I can to try to make up for attrition to just keep my rainy day fund afloat." I can't see how I'd want to invest when I know that the money I'm saving "just in case" is quickly disappearing on me. I need to keep putting money in my bank account to just to stay in the same place on the treadmill. It's basically putting in a constant overdraft fee.