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this post was submitted on 05 Oct 2023
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Because it's political suicide. They have a Silver Tsunami coming up, and thanks to a) many companies weakening retirement plans (defined benefit? LOL), b) recessions wiping out people's savings, there's been a concerted shift to using home-ownership to bandage over old-age income security.
Prior to this, moderate investment and company pensions were enough to see you through, but that's largely gone--just another part of our society that we sold off so that the rich can get more tax breaks. The cherry-on-top? We sold off LTCs to private companies, so elder-care is now a for-profit luxury.
The only way Boomers can retire is home equity. Heck, it's the only thing fuelling our economy in general.
Of course, this is fixable: tax the rich. Pay for a society that works for everyone, not just Galen Weston or David Thompson. It would have been easier to do this back in the 1990s (before the problem really started in earnest) or before 2018 (when it got fully out of control) but it's still possible.