Monday, October 30, 2017


A wonky fight brewing over specific rules of the 401(k) system is a shiny distraction from the real action on retirement security.

"But zeroing in on Trump’s sparring with his colleagues misses the larger point of the nation’s retirement crisis. The blooming fight over the specific rules governing 401(k) savings mechanisms is an act of political sleight-of-hand. The mechanism itself is toxic to working-class economic security. If policymakers are truly interested in “fixing” the 401(k) system – unlikely, as Republican lawmakers are mostly worried about balancing out the cost of their preferred policy of giving rich people more money so that their tax bill won’t look like the debt-hemmorhage it is – their path is far simpler: Kill the 401(k) and bring back the traditional pension.

While retirement savings crises and their policy remedies are treated as a wonky, jumbled thing in most media coverage, the core story of what’s happened to working people’s ability to retire is simple. This is what kleptocracy looks like:..."

(NBC broadcast clip)

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