Second Verse, Same as the First

From CBS News:

Roughly half of all U.S. families have no money set aside for retirement, Federal Reserve data show. Not a cent. But even that alarming savings deficit doesn’t fully capture the emerging socioeconomic crisis facing what is, after all, a rapidly graying nation.

That’s because even Americans who work diligently to prepare for their later years are falling behind, thwarted by a confusing, patchwork system that has placed the burden of saving for retirement squarely onto individuals.

Well, yeah.  That was by design.

Thirty years ago employers provided a pension benefit as part of their employees compensation, but then corporations realized they could make more profit by taking that benefit away and putting the money they saved into their own pockets.  The stock market soared, Ronald Reagan was hailed as a genius, and most employees didn’t even realize they’d just taken a massive pay cut.

Keep an eye on your health care.  Under the guise of “personal responsibility,” they’re going to do it again.

I guarantee it.


  1. markonit

    … I think that for most working people the health care loss has been well under way…


  2. Mel

    Yup….*sigh*…here we go again…


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