Lazear noted that unemployment fell to 4.5% in 2006 from 5% in 2005, adding that 2 million payroll jobs were added last year while real wages grew at a post-inflation rate of 1.7%.
By contrast, if the key risk you worry about is the post-inflation value of your savings falling by 50% over the next decade or two, or if you fear being unable to live on the meagre returns from even the best savings policies, then cash looks a bad choice and stock markets a better one.