While public workers are fighting to keep their right to negotiate benefits and pensions, private sector workers are … screwed.
The 401(k) generation is beginning to retire, and it isn’t a pretty sight.
The retirement savings plans that many baby boomers thought would see them through old age are falling short in many cases.
The median household headed by a person aged 60 to 62 with a 401(k) account has less than one-quarter of what is needed in that account to maintain its standard of living in retirement, according to data compiled by the Federal Reserve and analyzed by the Center for Retirement Research at Boston College for The Wall Street Journal. Even counting Social Security and any pensions or other savings, most 401(k) participants appear to have insufficient savings. Data from other sources also show big gaps between savings and what people need, and the financial crisis has made things worse.
Corporate profits are up! Also, executive pay is up! There is no economic reason why workers are less compensated than they used to be.
Obviously, the public workers’ unions have to be brought down. They might give the sheep the crazy idea that we all need pensions.
Also: Here’s the Republican jobs program — they’ll be hiring uterus police.