Looking at American crises since 1907, especially the "Great Depression" period, some experts seriously believe that the main driver of recovery from the crisis until 1939 was Roosevelt's pension reform. Remember when we talked about China, where there are no pensions, but an investment cycle economy? So the same thing happened to Americans in the 1920s-30s. I mean, it's stupid if you don't have guarantees of stability in the future - save in the present, and that slows down and limits domestic demand.