For most of the 20th century, there was a clear wall between working people’s pension funds and the riskier corners of financial markets. This wasn’t accidental—it was the law.
Since the pandemic, Americans’ hardship withdrawals from their 401(k) funds have soared. It’s a stopgap for many people who are struggling, but also points to a dysfunctioning pension system.
Get a Load of CEO Retirement Plans. They are called—I kid you not—“top hat” plans. And they drain everybody else’s 401(k)s.
Continuing to attack pensions and thereby promoting these vastly inadequate personal accounts speeds the U.S. toward a generation of elders living in dire poverty.
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