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


  • DOCUMENT: An Act for the Abolition of Slavery [and for Compensating White Slaveowners], 1833
    Editors, The Black Agenda Review
    DOCUMENT: An Act for the Abolition of Slavery [and for Compensating White Slaveowners], 1833
    30 Mar 2022
    The recent visit of members of the British “royal family” to Belize, Jamaica, and the Bahamas drew attention to longstanding issues and unsettled accounts concerning slavery, colonialism, and i
  • Madeleine Albright is Dead, but Intersectional Imperialism is Alive and Well
    Danny Haiphong, BAR Contributing Editor
    Madeleine Albright is Dead, but Intersectional Imperialism is Alive and Well
    30 Mar 2022
    The late Madeleine Albright was the first female Secretary of State. Her actions in office repeated the U.S. imperative to interfere in the affairs of other countries and resulted in the deaths of…
  • Papa Cop
    Raymond Nat Turner, BAR poet-in-residence
    Papa Cop
    30 Mar 2022
                                                           …
  • New McCarthyism Silences the Black and Other Radical Left
    Erica Caines
    New McCarthyism Silences the Black and Other Radical Left
    30 Mar 2022
    Socialists, anti-imperialists, anti-war activists, Black radicals, and other independent alternative voices who challenge mainstream media and its political culture are being explicitly targeted by…
  • BAR Book Forum “Sports and Black Struggle”: Interview with Samantha N. Sheppard
    Roberto Sirvent, BAR Book Forum Editor
    BAR Book Forum “Sports and Black Struggle”: Interview with Samantha N. Sheppard
    30 Mar 2022
    This week, we interview Samantha N. Sheppard. Samantha N. Sheppard is an associate professor of cinema and media studies in the Department of Performing and Media Arts at Cornell University. She is…
  • Load More
Subscribe
connect with us
about us
contact us