You don't need Growth stock to retire, index funds and income/dividend stocks are all that's needed to retire comfortably. Individual investors should not be trying to pick individual growth stocks because it's highly risky.
Even if investors shouldn't pick stocks, it might be wise for them to invest in an index of companies that they are now prevented from investing in.
Returns from private companies go up -> more VCs enter the market with higher returns increasing competition -> valuations get higher (meaning founders/employees get to keep more stock while investors get less) -> returns deflate and we are back at a balance.
There is a reason VCs have been complaining about sky high valuations and it's because most VC's don't even beat the sp 500.
The returns in those index funds are driven primarily by growth stocks.
[1] I assume due to the prevalence of venture capital; that absorbs the returns of early startups.
Also, it creates a two-tiered system with self-perpetuating A and B economic classes, rather than a merit-based free market that allows social and economic mobility and opportunity. Generally, that is seen as antithetical to democracy and to American values in particular (not to exclude other countries).
The median annual household income in the US is around $60k.