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Okay, that was a bit dramatic, and it's the same stupid thing people have been saying periodically for the last 30 years. But how long has the S&P been outperformed by the total stock market - those indices with 3,000 or 4,000 or even 10,000 stocks in them? I would not be surprised to see the S&P 500 underperform these, international benchmarks, and inflation for the next 5, 10, or perhaps even 20 years.

And if the S&P outperforms inflation by 1% for the next 10 years, and you get taxed at a 25% or 35% capital gains tax rate, how much money have you made? You actually have less purchasing power than you had when you started. That would be catastrophic for the long term health of the economy, and it's all too likely with the stupidity of the modern electorate, which makes it nearly impossible to get a congress and a president that will leave the economy alone to convalesce unimpeded.

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