To Steelman: They say something like, the yield comes from the profits of the companies in the portfolio. (Which is increasingly not actually profit, but Cantillon Effect debt arbitrage.)

And as for the bonds in the portfolio, if they even know they’re there, they have no idea where it comes from.

If the average or even upper class worker’s 401k outperformed monetary inflation, the system wouldn’t work. Their savings *has* to be stolen from en masse to perpetuate the system.