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
    Upside of slavery according to Governor Woke Smoke?
    02 Aug 2023
    “…most slave children were prohibited from learning to read or write…” —James Mellon, Editor of Bullwhip Days  
  • Pavan Kulkarni
    Thousands Rally in Support of Niger’s Coup Leaders as Western-Backed ECOWAS Threatens Military Intervention
    02 Aug 2023
    Economic Community of West African States (ECOWAS) has threatened military intervention if deposed President Mohamed Bazoum is not restored in a week. Bazoum was overthrown in a coup by officers…
  • Governments of Burkina Faso, Mali and Guinea
    African States Support Nigerien Sovereignty in the Face of Imperialist Attack and Collusion of Stooge African Governments
    02 Aug 2023
    Reaction to the coup in Niger is a litmus test which determines who is truly supportive of self-determination for African nations.
  • Clau O'Brien Moscoso
    For the Crisis in Perú to End, Castillo Must be Reinstated
    02 Aug 2023
    The people of Peru continue to demand the end of the coup government and the return of their elected president to office.
  • Umar A Farooq
    Judge Orders Release of Three 'Newburgh Four', Says FBI 'invented conspiracy'
    02 Aug 2023
    The U.S. embarked on a spree of entrapments in the post-9/11 years. Informants were used against gullible and vulnerable people, most of them Black, in order to secure spurious convictions and…
  • Load More
Subscribe
connect with us
about us
contact us