The 1970s - I was ten in 1975 - were a bad decade in all sorts of ways but the middle class had comfortable assumptions about the prospects for its children. The middle class was smaller then; it was a much less competitive Britain, less meritocratic. ↗
If you're saving for the long run, it's actually a good thing when the market is down because the more shares you have, the more you can potentially make when markets rise. And over time - decades, not months - the markets rise more than they fall. ↗
Imagine a political system so radical as to promise to move more of the poorest 20% of the population into the richest 20% than remain in the poorest bracket within the decade? You don't need to imagine it. It's called the United States of America. ↗