Why this endangers retirement savers and the economy
The upward redistribution of income has cost Americans workers $50 trillion over the past several decades. On average, extreme inequality is costing the median income full-time worker about $42,000 a year.
Millennials are already in debt and without savings. After the next downturn, they’ll be in even bigger trouble.
As the wealth gap has widened, income gains have remained anemic for Americans at all levels for the past decade. Many economists argue that what's needed is simply higher incomes so more Americans can save and build wealth.
Americans didn't magically suffer a collective collapse in self-discipline over the last four decades. So what changed? The economy, stupid.
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The sad reality is that the only households with any 401(k) savings to speak of are white non-Hispanic, college-educated, married couples. Even within this narrow demographic, all but the wealthiest who use retirement accounts as tax shelters, would be better off under a more egalitarian and efficient system.
How a proposal for a socially conscious lottery panicked corporations and birthed the 9-figure jackpot.
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