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


  • Ntozake Shange
    Editors, The Black Agenda Review
    POEM: Bocas: A Daughter's Geography, Ntozake Shange, 1983
    19 Mar 2025
    Ntozake Shange reminds us that whether we come from Haiti, Savannah, Luanda, or Palestine, we may not speak the same language, but “we fight the same old men.”
  • Ann Garrison, BAR Contributing Editor
    The Alliance of Sahel States Forges Ahead
    19 Mar 2025
    I spoke to Eugene Puryear, who traveled to the November 2024 Conference in Solidarity with the Peoples of the Sahel.
  • Raymond Nat Turner, BAR poet-in-residence
    Owl Poem (Nod to Amiri)
    19 Mar 2025
    "Owl Poem (Nod to Amiri)" is the latest from BAR's Poet-in-Residence.
  • Jon Jeter
    Failing to Read the Room, Trump Treats Whites Like N-Words and Loses Ground
    19 Mar 2025
    Only 3 months into his term, there is a growing discontent among Trump’s white supporters as his policies harm their economic interests. There is potential for backlash if he continues to alienate…
  • Clau O'Brien Moscoso
    As Elections Near, Ecuador's Working Poor, African and Colonized Under Siege (Part 1)
    19 Mar 2025
    Ecuador was once a safe country with some of the best economic prospects in the region. Today, Ecuador has a nearly 500% increase in violent crimes and a marginalized population of poor, African, and…
  • Load More
Subscribe
connect with us
about us
contact us