Black Agenda Report
Black Agenda Report
News, commentary and analysis from the black left.

  • Home
  • Africa
  • African America
  • Education
  • Environment
  • International
  • Media and Culture
  • Political Economy
  • Radio
  • US Politics
  • War and Empire

Those Ever-Shrinking 401Ks and the Theft of Retirement Security
21 Dec 2011
🖨️ Print Article

For most of the 20th century, until the 1980s, each generation of retirees had a somewhat higher standard of living than the last.  With the Reagan era advent of federal policies encouraging private employers to raid and discontinue defined benefit pensions, that trend stopped.  The current generation of retirees are discovering that their 401Ks are almost never sufficient to allow a dignified retirement.  They've been robbed.  401Ks are subject to the stock market, which favors insiders, and financial managers and the retirement-industrial complex extract as much as a quarter of all 401K savings in parasitic fees.  In this Against the Grain interview James Russell explains why Wall Street loves privatized and individual retirement accounts, and hates defined beneift pensions and social security,



Your browser does not support the audio element.

listen
http://www.againstthegrain.org/files/files/atg/atg_2014.11.12_401ks.mp3

More Stories


  • Message of solidarity on a tent in Gaza
    Women United Against Genocide
    In Solidarity with the Student Protests Against Genocide
    08 May 2024
    Women United Against Genocide issued this statement expressing solidarity with the campus protests calling for divestment from Israel and encouraging communities to provide material support.
  • Rebecca Weiner
    Wyatt Reed , Max Blumenthal
    Columbia Crackdown Led by University Prof. Doubling as NYPD Spook
    08 May 2024
    Rebecca Weiner is a Columbia U. professor who also serves as intelligence director of the NYPD. Mayor Eric Adams credits her with spying on anti-genocide student protesters and directing the…
  • Anti-war march in New York City
    Sara Flounders
    Three U.S. wars Threaten World War Three: $95 Billion Targets Palestine, Iran, Russia and China
    08 May 2024
    The recent aid package passed by the U.S. Congress reveals its true priorities - a multifront war that threatens the stability of the world.
  • Antony Blinken
    Jerry Grey
    The State Department Report on Human Rights
    08 May 2024
    Blinken knew exactly what he was doing. The release of the State Department’s “2023 Country Report” on the eve of his arrival in China was no coincidence.
  • Lloyd Austin
    Orinoco Tribune
    Venezuela’s Vice President: We Must Reject US Militarization in Latin America, CIA Bases in Guyana
    08 May 2024
    United States imperialism in Latin America via SOUTHCOM is threatening the development of a true Zone of Peace in the region.
  • Load More
Subscribe
connect with us
about us
contact us