Portside

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.

Meidner’s core thesis is more relevant than ever: “All experience shows that influence and control is not enough. Ownership plays a decisive role.”

United Auto Workers president Shawn Fain: “Make no mistake: the billionaire class is not going to give up power willingly. They are on an endless pursuit of profit, no matter the cost.”

Harris will almost certainly win the labor vote, but what will really matter is Trump's ability to cut into her margins with appeals to working-class voters on issues like immigration and trade.

Ultimately, the Butch Lewis Act, enacted as part of President Joe Biden’s American Rescue Plan, will stop cuts to the retirement benefits of 2 million workers and retirees across the country, according to the Biden administration.

The strike is part of a wave of recent labor actions in the nation’s second-largest metropolis, where high costs of living have made it difficult for many workers — from housekeepers to Hollywood writers — to stay afloat.

Raising the retirement age isn’t just about having the “best years of retirement be stolen,” as French protesters have warned. It’s about fairness and not putting years more of the nation’s labor burden on the working class. Next time the government moves to raise the retirement age, we should follow the French example to protest and proclaim, “It’s a No.”