Almost every conversation I have with someone over a certain age turns to how they have either lost or afraid they will lose their health insurance and pension.
In the Reagan days, they sold people on the idea that 401Ks were somehow a good thing, and started moving everyone off of pensions. But a pension means your company puts the money away for you, on top of your pay. A 401K means it is entirely on the worker to fund retirement out of a shrinking paycheck. And people just can’t do that – take home pay goes almost entirely to the bills.
Meanwhile corporate profits are WAY up since pensions were replaced by 401Ks. Part of that if from the money that had been used for worker retirements and gave it out as profits instead.
Seeing the Forest
Who is our economy FOR, anyway?
