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,
listen
http://www.againstthegrain.org/files/files/atg/atg_2014.11.12_401ks.mp3
Danny Haiphong is a long time Black Agenda Report contributing editor. He is now the host of his own Youtube channel.
Orion Meadows is a non-violence trainer with Institute for Nonviolence Chicago.
Michael Li is Senior Counsel in the Democracy Program at the Brennan Center for Justice.
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Barack Obama devastated millions of people all over the world and speaks of his actions as if they were committed by someone else. It is a masterful performance by a man committed to deception.
