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
    CHAPTER: The Ford Foundation and Black Power, Robert L. Allen, 1968
    24 Jul 2024
    The late Robert L. Allen broke down the dialectics of Black elite co-option and counter-revolution. Hello, Kamala.
  • ​​​​​​​ Ajamu Baraka, BAR editor and columnist
    War, Genocide and Coups: Biden/Harris and The Irreversible Crisis of Neoliberal Fake Democracy
    24 Jul 2024
    The Imperialist chickens have come home to roost.
  • Ann Garrison, BAR Contributing Editor
    Chicago Authorities Want a “Conversation” with the Poor People’s Army about the DNC 2024
    24 Jul 2024
    The Poor People’s Army has a permit to march to the steps of the Democratic National Convention in August, but now Chicago authorities want to have a “conversation” with them.
  • Biden drops out news
    Abayomi Azikiwe, Black Agenda Report Contributor
    Biden Steps Aside in Favor of Harris as the RNC Further Solidifies the Cult of Trump
    24 Jul 2024
    Under pressure since the June 27 disastrous debate, the president exits the campaign creating more uncertainty on the political landscape.
  • Glen Ford, BAR Executive Editor
    Why Barack Obama is the More Effective Evil
    24 Jul 2024
    Barack Obama earned the moniker of the "lesser evil" despite his evil deeds that, in many cases, were much more successful than those positioned as the greater threat. His image as the first African-…
  • Load More
Subscribe
connect with us
about us
contact us