Freightmaster1
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"In the United States, economic security in old age was seen, for a long time, as both a social issue and a national obligation. From the birth of Social Security to the end of the 20th century, the common assumption has been that we have a shared responsibility to secure a decent retirement for our citizens. Yet that notion is weakening rapidly. Instead, we have started to hear echoes of the mantra of self-reliance that characterized welfare “reform” in the 1990s: You alone are in charge of your retirement; if you wind up in poverty in your old age, you have only your own inability to plan, save, and invest to blame.
This is an unacceptable conclusion. To reverse it, we must ensure that workers who have spent decades saving for retirement through pension contributions—based on promises made to them by their employers—can rely on those commitments. Companies that go bankrupt should not be able to put their shareholders first and their employees last when debts are settled. The fiduciary responsibilities of banks and brokerage houses that supervise the investment portfolios of pension funds must be elevated, and the supervision over them by federal regulators made more robust."
Economic Insecurity Is Becoming the New Hallmark of Old Age
Economic Insecurity Is Becoming the New Hallmark of Old Age
It’s time to face this country’s looming retirement crisis.
"In the United States, economic security in old age was seen, for a long time, as both a social issue and a national obligation. From the birth of Social Security to the end of the 20th century, the common assumption has been that we have a shared responsibility to secure a decent retirement for our citizens. Yet that notion is weakening rapidly. Instead, we have started to hear echoes of the mantra of self-reliance that characterized welfare “reform” in the 1990s: You alone are in charge of your retirement; if you wind up in poverty in your old age, you have only your own inability to plan, save, and invest to blame.
This is an unacceptable conclusion. To reverse it, we must ensure that workers who have spent decades saving for retirement through pension contributions—based on promises made to them by their employers—can rely on those commitments. Companies that go bankrupt should not be able to put their shareholders first and their employees last when debts are settled. The fiduciary responsibilities of banks and brokerage houses that supervise the investment portfolios of pension funds must be elevated, and the supervision over them by federal regulators made more robust."
Economic Insecurity Is Becoming the New Hallmark of Old Age
Economic Insecurity Is Becoming the New Hallmark of Old Age
It’s time to face this country’s looming retirement crisis.
