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


  • Raymond Nat Turner, BAR poet-in-residence
    Plutocratic pendulum swings …
    09 Oct 2024
    "Plutocratic pendulum swings …" is the latest from BAR's Poet-in-Residence.
  • x
    Roberto Sirvent, BAR Book Forum Editor
    BAR Book Forum: George Lipsitz’s Book, “The Danger Zone is Everywhere”
    09 Oct 2024
    In this series, we ask acclaimed authors to answer five questions about their book. This week’s featured author is George Lipsitz. Lipsitz is Research Professor Emeritus of Black Studies and…
  • Jon Jeter
    From Axis of Resistance to Political Cuckolds: How Palestinians, African Americans and Black South Africans Were Betrayed by Their Own
    09 Oct 2024
    One of the many unfortunate common threads between Palestinians, South Africans, and African Americans is the betrayal of the people by their political leadership who were meant to lead…
  • Black Alliance For Peace
    The Meaning of October 7th: An Oppressed People Will Always Find a Way to Resist Oppression
    09 Oct 2024
    Black Alliance for Peace will never abandon the Rights of Palestinian People to Resist Zionist Colonialism “By Any Means Necessary”
  • Orisanmi Burton
    An open letter to prison officials on the censorship of Tip of the Spear
    09 Oct 2024
    Orisanmi Birton's groundbreaking book, Tip of the Spear, has been listed as contraband in prisons across the country, not only preventing incarcerated people from accessing the book but punishing…
  • Load More
Subscribe
connect with us
about us
contact us