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HughBeaumont

(24,461 posts)

5. The Great Risk Shift.

Reply to marmar (Original post)

Fri Apr 5, 2013, 10:40 AM

Apr 2013

EVERYone should read this book. 401(k)s were a huge part of the Corporation's severance of the Social Contract. Even as we speak, more and more employers are doing away with matching.

The wealthy really and truly DO NOT CARE about their workers. This is what pisses me off the most about the "useful idiots" - You rely on the wealthy to take care of you in the vain hope you're going to BE wealthy someday, and you'll end up with an economy comprised of jobs where you'll end up paying or being a free employee FOR the Corporations.

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Salon: Abolish the 401(k) [View all] marmar Apr 2013 OP

The financial industry makes more money off of 401(k)'s than defined benefit pensions. nt antigop Apr 2013 #1

I agree with the article (gave it a rec), but it will be VERY difficult to change. nt antigop Apr 2013 #2

Don't get rid of 401Ks, but allow people to self-direct the funds, instead of only offering limited still_one Apr 2013 #3

I have been in 6 different 401k plans and have not found limited choices to be a problem badtoworse Apr 2013 #6

It is changing, but one of the companies I worked for charged 2% in fees for their funds. A lot of still_one Apr 2013 #8

Is the 2% at the fund level or is it a company charge on top of that? badtoworse Apr 2013 #13

It was the management fees. Vanguard is the lowest and best. still_one Apr 2013 #16

Father of 401k 4Q2u2 Apr 2013 #23

interesting article. The creator stills thinks it has provided positive savings for many. Problem still_one Apr 2013 #24

Nor Have the Promised Returns Been There 4Q2u2 Apr 2013 #26

You are correct about the returns. Some of that due to the high fees and restricted funds they still_one Apr 2013 #30

Winners 4Q2u2 Apr 2013 #31

Wow, I didn't know the exact figures. Geez still_one Apr 2013 #32

Sample 4Q2u2 Apr 2013 #33

Defined contribution plans are the number 1 scam of neoliberal economics alcibiades_mystery Apr 2013 #4

"The number one scam" -- totally, totally agree. Brickbat Apr 2013 #9

A scam of immense proportions. Since SSA operates at a 1% overhead, it makes sense to make Social byeya Apr 2013 #29

The Great Risk Shift. HughBeaumont Apr 2013 #5

+! KoKo Apr 2013 #10

Thanks, Hugh...I'll take a look at it. nt antigop Apr 2013 #15

seems like we have to MAKE them care about us NoMoreWarNow Apr 2013 #22

it's both, and everything else. it's the entire neoliberal package, including free trade agreements HiPointDem Apr 2013 #7

No thanks. hughee99 Apr 2013 #11

The government taxes your SS if you have too much other income badtoworse Apr 2013 #14

Defined benefit just hides a mandatory contribution One_Life_To_Give Apr 2013 #12

Are they talking about confiscating individual 401ks to fund social security? I sure hope not. dkf Apr 2013 #17

You can get rid of defined contribution plans, but that won't bring back defined benefits plans FarCenter Apr 2013 #18

Wall St needs that money to keep the gravy train rolling. raouldukelives Apr 2013 #19

du rec. nt xchrom Apr 2013 #20

"It was assumed" The2ndWheel Apr 2013 #21

As I told our financial "planner" recently, I want my GD money to put under my mattress, deminks Apr 2013 #25

Didn't the bottom fall out of those libodem Apr 2013 #27

The 401k is the biggest boondoggle ever Politicub Apr 2013 #28

One option is a private defined-benefit plan mainer Apr 2013 #34