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


  • Tunde Osazua
    The “Christian Genocide” in Nigeria: An Unmasking of a Neo-Colonial Weapon
    22 Oct 2025
    A false narrative of "Christian genocide" is being weaponized against Nigeria, which is itself victimized by western neo-colonial policies.
  • Imani Nile
    Every Winter, the Bronx Burns
    22 Oct 2025
    The cause of the explosion at Mitchel Houses in the South Bronx harkens back to the arson-for-profit schemes of the 1970s that caused mass destruction of Black and Latine communities. Decades later,…
  • Hanna Eid
    Data Centers and the AI Bubble
    22 Oct 2025
    The A.I. boom is on the verge of bursting like every other capitalist bubble. Financialization and speculation will result in another economic crisis.
  • Chris Gilbert , Cira Pascual Marquina
    ‘Fishing Provides for Everyone’: The Palmarito Afro-Descendant Commune (Part III)
    22 Oct 2025
    On the southern shore of Lake Maracaibo, communards sustain themselves by fishing, but just as much through practices of solidarity.
  • Francisco Dominguez , Roger D. Harris , John Perry
    Imperial Double Standards: Warfare for Venezuela and Welfare for Argentina
    22 Oct 2025
    The western response to crises in Venezuela and Argentina reveals a stark double standard. One nation faces economic pressure and isolation, while the other receives financial support.
  • Load More
Subscribe
connect with us
about us
contact us