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


  • Editors, The Black Agenda Review
    ESSAY: The Southern Sudan, Joseph U. Garang, 1969
    12 Nov 2025
    “Thus it can be said that British colonialism is mainly responsible for the Southern Sudan problem…”
  • Ann Garrison, BAR Contributing Editor
    Pretty Boy Gavin Newsom, the Democrats' Rising Star
    12 Nov 2025
    California’s Governor is often referred to as Pretty Boy Gavin Newsom, and cameras do serve him well. What else do we know about him?
  • Raymond Nat Turner, BAR poet-in-residence
    Tuesday night’s tiny glimpse of what The People really want
    12 Nov 2025
    "Tuesday night’s tiny glimpse of what The People really want" is the latest from BAR's Poet-in-Residence.
  • Roberto Sirvent, BAR Book Forum Editor
    BAR Book Forum: Interview with Tapji Garba
    12 Nov 2025
    In this series, we ask acclaimed writers about their work. This week’s featured author is Tapji Garba. Garba is a graduate student based in Toronto, focusing on Critical Black studies and political…
  • Black Alliance For Peace
    The Popular Steering Committee for a Zone of Peace in Our Americas Welcomes the Reaffirmation of Our Region as a Zone of Peace
    12 Nov 2025
    The Popular Steering Committee for the Zone of Peace in Our Americas calls on the masses of the peoples of Our America to unify struggles against the common enemy.
  • Load More
Subscribe
connect with us
about us
contact us