vegeta1 [he/him]@hexbear.net to news@hexbear.netEnglish · 3 days agoMany 401ks are shrinkingwww.nbcnews.comexternal-linkmessage-square58fedilinkarrow-up190arrow-down11
arrow-up189arrow-down1external-linkMany 401ks are shrinkingwww.nbcnews.comvegeta1 [he/him]@hexbear.net to news@hexbear.netEnglish · 3 days agomessage-square58fedilink
minus-squareDirt_Owl [comrade/them, they/them]@hexbear.netlinkfedilinkEnglisharrow-up56·3 days agoWow, the free market deciding your retirement fund was bad the whole time? Who would guess?
minus-squareFunkyStuff [he/him]@hexbear.netlinkfedilinkEnglisharrow-up44·3 days agoIt was great at one thing: aligning the interests of the working class in the imperial core with the imperialists’ interests.
minus-squareChestRockwell [comrade/them, any]@hexbear.netlinkfedilinkEnglisharrow-up32·3 days agoIt also destroys solidarity. One 401k getting nuked doesn’t create a movement, but an entire pension fund for a profession - instant solidarity. 401k is the greatest scam perpetuated on the American worker.
minus-squareWoodScientist [she/her]@hexbear.netlinkfedilinkEnglisharrow-up14·2 days agoUltimately any retirement system suffers from these weaknesses. You can have a retirement system based entirely on universal generous state pensions; it won’t matter. When the economy takes a hit, the state is less capable of generating revenue.
Wow, the free market deciding your retirement fund was bad the whole time? Who would guess?
It was great at one thing: aligning the interests of the working class in the imperial core with the imperialists’ interests.
It also destroys solidarity. One 401k getting nuked doesn’t create a movement, but an entire pension fund for a profession - instant solidarity.
401k is the greatest scam perpetuated on the American worker.
Ultimately any retirement system suffers from these weaknesses. You can have a retirement system based entirely on universal generous state pensions; it won’t matter. When the economy takes a hit, the state is less capable of generating revenue.