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

  • The heart of Asmara and other Eritrean towns are their centrally located grain, vegetable, and fruit markets. Establishing national food security is the primary national development goal.
    Ann Garrison, BAR Contributing Editor
    Notes from Eritrea, Part II
    11 May 2022
    Contributing Editor Ann Garrison continues her reporting from the Horn of Africa.
  • Bye, Big Sis
    Raymond Nat Turner, BAR poet-in-residence
    Bye, Big Sis
    11 May 2022
    Memories of the late Gael Davis, Los Angeles activist, organizer and actress.
  • Joe Biden and the Democrats Have Nothing to Offer Organized Labor, the ALU Included
    Danny Haiphong, BAR Contributing Editor
    Joe Biden and the Democrats Have Nothing to Offer Organized Labor, the ALU Included
    11 May 2022
    The Biden administration pays lip service to the trade union movement but has done nothing to break the Democratic Party’s long tradition of betraying workers. Joe Biden's photo op with Christian…
  • BAR Book Forum: Gao Yunxiang’s “Arise Africa! Roar China!”
    Roberto Sirvent, BAR Book Forum Editor
    BAR Book Forum: Gao Yunxiang’s “Arise Africa! Roar China!”
    11 May 2022
    This week’s featured author is Gao Yunxiang. Gao Yunxiang is Professor of History at Ryerson University. Her book is Arise, Africa! Roar, China!: Black and Chinese Citizens of the World in the…
  • To Honor Odessa Anti-Fascists, Stop Weapons to Ukraine!
    John Parker
    To Honor Odessa Anti-Fascists, Stop Weapons to Ukraine!
    11 May 2022
    Statement by John Parker, Socialist Unity Party candidate for U.S. Senate in California on the Peace and Freedom Party ticket. Parker is on a fact-finding trip observing the U.S./NATO proxy…
  • Load More
Subscribe
connect with us
about us
contact us