Pensions are paid off based on the booked value. If the asset you own is worth half of what you paid for it that is a problem. If you bought a house for 1 million and you need to sell it to pay for something else and can only get 500k are you prepared for eating that loss?
Of course I can guess your answer because you probably feel you know better than the vast majority of governments and economists but that's a moot point by now.
I'm not claiming to know the answer because I understand it's complex enough to not.
What I am confident in is that despite what you or I say is but a drop in how serious the issue is. The difference is I'm not wasting energy screaming into the wind.