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The Ugly Truth About the 401(k)
First published in his blog Unsilent Generation ealier today, 12 October 2009
The Economic Policy Institute, Pension Rights Center, and others are part of a new initiative called Retirement USA, which says it is working for a universal, secure replacement of 401K to supplement Social Security for those workers who are not in plans that provide equally secure and adequate benefits.
Back in the spring, Mother Jones published an issue with cover line was “Who Ran Away With Your 401(k)?” and a series of articles about America’s broken retirement system (including one by me). This week Time magazine has a cover story by Stephen Gandel that’s well worth reading, even though by now it’s stating the painfully obvious: It’s called “Why It’s Time to Retire the 401(k)”:
And don’t think that the problem is solved by the stock market’s partial rebound, or pronouncements that the recession is over. As the Economic Policy Institute has pointed out, the retirement crisis preceded the recession, and will endure long after it’s over:
The Economic Policy Institute, Pension Rights Center, and others are part of a new initiative called Retirement USA, which says it “is working for a universal, secure, and adequate retirement system to supplement Social Security for those workers who are not in plans that provide equally secure and adequate benefits.” Based on the current effort to achieve universal health insurance, it’s clear they have a long road ahead of them. (Death panels, anyone?)
Born in 1936, James Ridgeway has been reporting on politics for more than 45 years. He is currently Senior Washington Correspondent for Mother Jones, and recently wrote a blog on the 2008 presidential election for the Guardian online. He previously served as Washington Correspondent for the Village Voice; wrote for Ramparts and The New Republic; and founded and edited two independent newsletters, Hard Times and The Elements.
Ridgeway is the author of 16 books, including The Five Unanswered Questions About 9/11, It’s All for Sale: The Control of Global Resources, and Blood in the Face: The Ku Klux Klan, Aryan Nations, Nazi Skinheads, and the Rise of a New White Culture. He co-directed a companion film to Blood in the Face and a second documentary film, Feed, and has co-produced web videos for GuardianFilms.
Additional information and samples of James Ridgeway’s work can be found on his web site, http://jamesridgeway.net.
This article is republished in the Baltimore Chronicle with permission of the author.
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Baltimore News Network, Inc., sponsor of this web site, is a nonprofit organization and does not make political endorsements. The opinions expressed in stories posted on this web site are the authors' own.This story was published on October 12, 2009.
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