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


  • Homegoing for Harry…
    Raymond Nat Turner, BAR poet-in-residence
    Homegoing for Harry…
    12 Jul 2023
                                               “Every artist, every scientist, every writer
  • BAR Book Forum: Matthieu Chapman’s Book, “Shattered”
    Roberto Sirvent, BAR Book Forum Editor
    BAR Book Forum: Matthieu Chapman’s Book, “Shattered”
    12 Jul 2023
    This week’s featured author is Matthieu Chapman. Chapman is an Assistant Professor of Theatre Studies at the State University of New York at New Paltz and the Literary Director of NY Classical…
  • The History Of Affirmative Action Exposes Its Reactionary Weaknesses
    Jacqueline Luqman
    The History Of Affirmative Action Exposes Its Reactionary Weaknesses
    12 Jul 2023
    Affirmative action began as a reparations program but ends as a "diversity" project which barely benefits Black people.
  • Peru’s Black Misleadership Class Complicit with Coup Regime and International Far Right
    Clau O'Brien Moscoso
    Peru’s Black Misleadership Class Complicit with Coup Regime and International Far Right
    12 Jul 2023
    The U.S. isn't the only country with a duplicitous Black political class. The coup government in Peru has Black "leaders" who protect and defend the right wing who ousted an elected president and…
  • Kenya Committing Atrocities in Somalia with US Backing
    Jamal Abdulahi
    Kenya Committing Atrocities in Somalia with US Backing
    12 Jul 2023
    The US "war on terror" brought nothing but terror to the Horn of Africa. Kenya is a US client state which has spent years destabilizing Somalia under the guise of fighting terrorism.
  • Load More
Subscribe
connect with us
about us
contact us