imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

America's Retirement Crisis

by Stephen Lendman Wednesday, Mar. 13, 2013 at 9:37 PM
lendmanstephen@sbcglobal.net

class war

America's Retirement Crisis

by Stephen Lendman

Decades of class war leaves most Americans nearing retirement woefully unprepared.

Since the mid-1970s, real wages haven't kept pace with inflation. Benefits steadily eroded. High-paying jobs disappeared. Improved technology forces wage earners to work harder for less.

So-called "free" markets work only for those who control them. A handful of winners benefit at the expense of most others. Conditions get progressively worse.

Wealth disparity extremes are unprecedented. Neoliberal harshness force-feeds austerity when stimulus is needed. Public needs go begging.

American inequality is institutionalized. Bipartisan complicity assures it. Class war rages. America's social contract is targeted for destruction.

Both sides agree. They support giving bankers, war profiteers, other corporate favorites, and super-rich elites greater wealth at the expense of most others.

A May 2012 Employee Benefit Research Institute (EBRI) study highlighted America's retirement crisis. American workers face trouble.

The percentage of those expecting to retire after age 65 increased to 37%. In 1991, only 11% expected to do so.

One-third of US workers expect to retire at age 70 or older. Growing numbers expect never being able to do so.

Over two-thirds expect to work at least part-time past age 65. At the same time, health and economic crisis conditions keep many of them from doing so.

Nearly one-third are woefully unprepared. Their savings are less than ,000. Many others have nothing in reserve. Around 60% have less than ,000.

Fewer than half of working Americans calculated how much they need in retirement. About two-thirds feel they're behind schedule preparing for it.

Only 14% believe they're adequately prepared. Only one-third have defined benefit plans.

Few understand retirement healthcare costs. Medicare is eroding as treatment expenses soar.

Protracted economic crisis conditions, high unemployment, growing poverty, and other concerns create enormous uncertainties. Most workers approaching retirement haven't prepared. Covering expenses is harder than ever.

Economics Professor/retirement expert Teresa Ghilarducci says maintaining living standards in retirement requires 20 times annual income in savings.

Few Americans are prepared. Three-fourths nearing age 65 have less than ,000 saved. "For the first time in US history," she says, "every source of retirement income is under siege."

Professor James Russell discussed it, saying:

"The great 30-year experiment in 401(k) and similar retirement financing schemes that depend on stock market investments has failed."

Even before the" 2008 crash, clear signs showed "that very few workers would be able to accumulate enough wealth through these accounts to insure retirement financial security."

Since the 19th century, every generation was better off than previous ones. No longer. Institutionalized inequality victimizes most Americans. It's been that way since the mid-1970s.

Examples include eroded unionization, stagnant wages, lost benefits, Social Security and Medicare under siege, and high-risk defined contribution plans replacing secure defined benefit ones.

The 1978 Revenue Act changed things. Sections 401(k), 403(b), and 457 let retirement plan contributions be made with pretax dollars.

Employers bait and switch. They exploit workers advantageously. They replace defined benefit plans with defined contribution ones.

They often don't work. They falsely claim worker investments provide secure retirement income. Evidence shows otherwise.

Lifetime obligations exceed what most people save. Financial services industry con artists skim huge profits off the top. They do so in large commissions. They add up over time.

Social Security, public pensions, and defined benefit plans work as intended. They support retirement security. Marketplace uncertainty is eliminated.

Money power runs America. It controls Obama and congressional majorities. It's destroying the future of millions. A new Senate study explains more.

Most retirees face financial trouble. They're worse off than their parents and grandparents. Protracted Main Street depression conditions destroyed 40% of personal wealth.

High unemployment compounds trouble. So do stagnant wages, eroding benefits, and savings paying virtually no interest.

Stock market gains go mainly to rich elites. Progressive economists express concerns. Americans are increasingly on their own sink or swim. Retirement security is fast disappearing.

America's social contract is under siege. Class war rages. Social Security and Medicare are targeted for elimination. Wealth, power, privilege, and dominance alone matter.

Fiscal cliff doublespeak duplicity conceals what's planned. Bipartisan double-dealing targets America's middle class and millions most disadvantaged.

A new Senate report says America faces a huge retirement savings deficit. It's about .6 trillion. It's about ,000 per household. It's double or more what most households have in savings. It assures current crisis conditions worsening.

Based on Federal Reserve data, the Center for Retirement Research (CRR) estimates 53% of US workers aged 30 or older woefully unprepared for retirement.

In 2001, it was 38%. In 1989, it was 30%. Other studies confirm CRR's findings.

Alicia Munnell serves as CRR director. "There is a mismatch between retirement needs rising and retirement benefits contracting," she says.

Current conditions are polar opposite earlier ones. From Social Security's 1935 enactment through the mid-1970s, things improved for most Americans.

No longer. Most people are increasingly on their own. They're woefully unprepared. They earn and save too little. Trouble awaits them later on. Dire economic conditions exacerbates things.

Recent retirement policy changes contribute to growing inequality. Washington grants at least billion annually in tax breaks to encourage 401(k)-type accounts.

Benefits go largely to upper-income households. The system is rigged for them. It's done at the expense of most others.

Those earning 0,000 annually and contributing 15% of pay to retirement savings reap an additional ,000.

Workers receiving ,000 and contributing the same percentage get nothing. They don't earn enough to qualify. Others earning ,000 get about ,100.

Workers in defined benefit plans face uncertainty. They're underfunded and eroding. Benefits are frozen and disappearing.

Public pensions have similar problems. They're being looted. They're targeted for eventual elimination. They may be gone in another decade or sooner.

Most households today have few options. Government scoundrels target them. Austerity substitutes for help. Dire conditions are worsening.

One worker spoke for others. He's aged 60. He thought he'd be comfortable in retirement. In 2002, he was laid off. "People talk about a lost decade," he said. "That's what I've been through," he stressed.

He spent the last 10 years struggling. He was in and out of low pay/poor benefit/part-time contract jobs. He drained his savings to get by. Doing so excludes retiring when he planned.

Growing millions suffer similar hardships. Nothing is done to help them. Bipartisan harshness substitutes. America's future looks grim.

Power politics replaced fairness. Corporate empowerment and privilege are institutionalized. Wealth is disproportionately shared. Ordinary people are exploited. Growing millions are left high and dry.

America is rife with corruption and gangsterism. The criminal class in Washington is bipartisan. Kleptocrats run things. They're complicit with corporate crooks. Poverty, unemployment, hunger and homelessness are at near record levels.

Social justice are four-letter words. Police state harshness confronts resisters. Big monied interests alone matter. Obama's committed to serve them. So are party bosses and most congressional members.

America's unfit to live in. It's unprincipled and morally reprehensible. It force-feeds hard times. The worst by far is yet to come.

America's "going to crash big time," says Paul Craig Roberts. Humanity hopes it'll happen in time to matter.

Stephen Lendman lives in Chicago. He can be reached at lendmanstephen@sbcglobal.net.

His new book is titled "Banker Occupation: Waging Financial War on Humanity."

http://www.claritypress.com/LendmanII.html

Visit his blog site at sjlendman.blogspot.com.

Listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network.

It airs Fridays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

http://www.progressiveradionetwork.com/the-progressive-news-hour

http://www.dailycensored.com/americas-retirement-crisis/

Report this post as:

Local News

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A12 5:39PM

lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Join The Protest Rally in Glendale on April 10, 2018! M29 6:38PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

Resolution of the Rent Strike in Boyle Heights M01 6:28PM

What Big Brother Knows About You and What You Can Do About It M01 3:30PM

Step Up As LAPD Chief Charlie Beck Steps Down F14 2:44PM

Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29 F13 12:51PM

Don’t let this LA County Probation Department overhaul proposal sit on the shelf F13 11:04AM

Echo Park Residents Sue LA Over Controversial Development F12 8:51AM

Former Signal Hill police officer pleads guilty in road-rage incident in Irvine F09 10:25PM

Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents F09 7:14PM

Center for the Study of Political Graphics exhibit on Police Abuse posters F07 9:50AM

City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre F04 3:17PM

Professor's Study Highlights Health Risks of Urban Oil Drilling F04 12:42PM

Claims paid involving Pasadena Police Department 2014 to present F04 10:52AM

Pasadenans - get your license plate reader records from police F03 11:11PM

LA Times Homicide Report F03 1:57PM

More Local News...

Other/Breaking News

Biodiversité ou la nature privatisée A20 11:22AM

The Market is a Universal Totalitarian Religion A20 7:14AM

Book Available about Hispanics and US Civil War by National Park Service A19 5:52PM

The Shortwave Report 04/20/18 Listen Globally! A19 4:01PM

The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder A19 11:48AM

Neurogenèse involutive A18 9:21AM

Paraphysique de la dictature étatique A16 10:13AM

Book Review: "The New Bonapartists" A16 3:45AM

The West Must Take the First Steps to Russia A14 12:25PM

Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine A14 3:30AM

The Shortwave Report 04/13/18 Listen Globally! A12 3:50PM

“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize! A12 3:48PM

The World Dependent on Central Banks A12 4:43AM

Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine A11 9:40PM

March 2018 Honduras Coup Again Update A10 10:52PM

Apologie du zadisme insurrectionnel A10 3:33PM

ICE contract with license plate reader company A10 1:14PM

Palimpseste sisyphéen A09 11:23PM

Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes A09 5:32AM

Prohibiting Micro-Second Betting on the Exchanges A09 4:18AM

Prosecutors treat Muslims harsher than non-Muslims for the same crimes A08 10:33PM

Amy Goodman interview on cell phone safety A08 10:29PM

Mesa, Arizona police officer kills unarmed white man A08 9:50PM

Israeli leaders should be prosecuted for war crimes A08 9:48PM

Paraphysique de l'autorité A08 12:11AM

Two Podcasts on fbi corruption A06 10:13PM

Fbi assassins assault & try to kill DAVID ATKINS A06 7:29PM

EPA Head Scott Pruitt: Of Cages And Sirens A06 2:15PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy