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


  • Editors, The Black Agenda Review
    SPEECH: Everybody is Quiet But the Nationalist Party, Pedro Albizu Campos, 1950
    30 Oct 2024
    Hardly a “floating island of garbage,” Puerto Rico remains a colony, treated like trash by the US. Read this ledger of the cost and crimes of the US colonial project.
  • Ann Garrison, BAR Contributing Editor
    Jean Leonard Teganya Faces Torture in Rwanda
    30 Oct 2024
    Rwandan President Paul Kagame’s regime continues its lawfare against Rwandans in the Western diaspora.
  • Abayomi Azikiwe, Black Agenda Report Contributor
    BRICS Declaration Reinforces Call for Multipolarity
    30 Oct 2024
    Kazan summit rejects unilateralism advanced by the West.
  • sputnik
    Jamarl Thomas
    The Life and Times of a "Russian Propagandist"
    30 Oct 2024
    RT and Sputnik weren’t closed for getting it wrong. They were closed for getting it right.
  • Tunde Osazua
    Weaponizing Aid: How USAID and the Global Fragility Act Sustain U.S. Imperialism in Libya
    30 Oct 2024
    The Global Fragility Act is a mechanism through which the US gives itself the authority to utilize soft power in Africa through organizations like USAID. The act places a specific focus on Libya,…
  • Load More
Subscribe
connect with us
about us
contact us