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

  • Margaret Kimberley, BAR Executive Editor and Senior Columnist , ​​​​​​​ Ajamu Baraka, BAR editor and columnist
    Analyzing the Biden and Trump Debate and the 2024 Electoral Process
    10 Jul 2024
    Reaction to the first 2024 debate between Joe Biden and Donald Trump focused on Biden’s performance. Ajamu Baraka, Black Agenda Report editor and columnist, analyzes the politics behind that debate…
  • Ann Garrison, BAR Contributing Editor
    Rwanda's Stillborn Middle-Income Economy
    10 Jul 2024
    Rwanda’s economic miracle is a lie.
  • Raymond Nat Turner, BAR poet-in-residence
    Million Worker March 20th Anniversary: Project 2025— Keep Death ‘Alive?’
    10 Jul 2024
    Million Worker March 20th Anniversary: Project 2025— Keep Death ‘Alive?’ is the latest from BAR's Poet-in-Residence.
  • ​​​​​​​ Ajamu Baraka, BAR editor and columnist
    For African/Black Working Class and Colonized Peoples, Midterm Elections in the U.S. Offer No Relief from War, Repression and Capitalist Misery
    10 Jul 2024
    The 50-year-old neo-liberal agenda explains why political choices in this country provide little change that benefits the masses of people. The recent midterm election results will not bring about an…
  • John Parker
    Demanding Violent Obedience, Illegal Sale of Palestinian Land Embraced by Biden, Governors, Mayors and City Councilmembers
    10 Jul 2024
    As Israel's genocidal campaign against Palestinians continues, so does the theft of Palestinian land. Real estate events that sell off illegal settlements acquired through settler violence in…
  • Load More
Subscribe
connect with us
about us
contact us