Originally Posted by Sea Ray
As a Reds fan, I don't give a hoot what kind of benefits employees get. That's none of my business. I just care how many games my team wins and how they do on the field
This is an attitude of not caring about anyone else and ultimately not caring about the well-being of Americans.
From Pulitzer Prize-winning journalistm Hedrick Smith, author of "Who Stole the American Dream?", on PBS Newshour: http://www.pbs.org/newshour/bb/polit...#disqus_thread
"You know, it's amazing.
Everyone talks about 401(k). Almost nobody knows why it's called the 401(k). It's because it's that far down in the tax code. It is buried deep in the tax code.
When it was passed, it was never intended to be a national retirement system. It was put in the tax code as a favor to Kodak and Xerox, who have headquarters up in Rochester, N.Y., by the Republican congressman Barber Conable, who came from that district.
They wanted a tax shelter to give extra money to their executives.
Fast forward. In the Reagan administration, somebody said, hey, let's give that to ordinary people.
Fast forward again. The mutual fund industry says, wow, we get ahold of all those billions of dollars of retirement savings, we can make a lot of money.
Power to the people. Do it yourself. It's been a disaster for most Americans. They don't save enough. When they change jobs, they take their money out. When times get rough, as they have been recently, neither the company nor the individual contributes, with the result that the average balance is about $18,000 in a 401(k).
And if you're just on the lip of retirement, it's maybe $85,000 for somebody who is in their 60s and who has been in the plan for 20 years.
That's nowhere near enough. People will say, if you have been making $50,000 a year, you need a half-a-million.
So, we have got half of the baby boomer generation headed for poverty essentially in retirement, living on essentially only their Social Security."
From Forbes yesterday:
"We are on the precipice of the greatest retirement crisis in the history of the world. In the decades to come, we will witness millions of elderly Americans, the Baby Boomers and others, slipping into poverty. Too frail to work, too poor to retire will become the 'new normal' for many elderly Americans."