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View Diary: $6.6 Trillion Retirement Savings Deficit Shows 401(k)'s No Replacement for Pensions (47 comments)

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  •  as long as you keep in mind (4+ / 0-)

    That instead we could have legally protected pension funds from raiding.  We could have protected them from the bankruptcy court and other scams.  We could have required prudent investment.  We could have worked out a way to make pensions partly portable.

    We did not, in order to facilitate the corporate world's ability to defraud workers of hard earned income.  We did not,  order to provide congress people with a good source of bribes.

    The 401k schemes help you through many of the problems you would not have had if you had a well-established pension.

    The financial industry sucked up the value of the 401k' s repeatedly.  One of my neighbors, now in his 70's has had to defer retirement because of the losses in 2000? & 2007.  The financial industry collected their fees anyway..

    •  Who is WE? (0+ / 0-)

      Since it's obvious that we the people have no control over these parasites and "our" duly elected representatives actually serve the financier class, we have to do for ourselves what we can.  Sure, we could live in a more perfect union, but the chances of that have been deteriorating throughout my lifetime.

      •  good point (0+ / 0-)

        I believed I was reacting to the previous commentator' s boosting of 401k.  I think the 401k was deliberately conceived to undermine defined pensions, to fleece the workers of the country.  There is/was a fair amount of paranoia in my thinking, but that does not make it incorrect.

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