4 ms·

removing pre-tax retirement contributions really won't do shit to fix American's not saving because the wages are stagnate. You really jumped through some hoops

• toomuchtodo 3y ago
  Unions and organizing are needed to push wages up [1], admittedly, but tax sheltered retirements aren't helping anyone but a privileged minority (as the paper in the USA Today piece mentions). No hoops required. We tried 401ks and IRAs because it was an easy way to shed pensions and keep those contributes for shareholders, leaving most folks to end up on paltry Social Security benefits. The experiment failed. If you don't see it, you're ignoring the data [2] [3], which I suppose is a choice. [1] https://www.epi.org/publication/eroded-collective-bargaining/ https://www.epi.org/publication/eroded-collective-bargaining... [2] https://www.gao.gov/products/gao-23-105342 https://www.gao.gov/products/gao-23-105342 [3] https://www.gao.gov/financial-security-older-americans https://www.gao.gov/financial-security-older-americans