Pooh-poohing the Impending Retirement Crisis

Head in the sand

Tens of millions of baby boomers are approaching retirement age. Over the course of the few decades, this enormous segment of the population will stop contributing to Social Security, Medicare, and private investment programs. It will instead be drawing upon these institutions to the tune of trillions of dollars. This will result in enormous dislocations for the economy as a whole, shaking its very foundations. Still, some people—like deputy assistant secretary of the Navy Russell Beland—insist on sticking their heads in the sand and pretending that the problem will go away by itself.

Future retirees beware: Wall Street is after your pension money

The big Wall Street banking and investment firms—the same fine people who brought us the subprime credit meltdown and the mortgage crisis—are now lobbying lawmakers to allow them to buy up and manage your pension fund money. According to a recent Business Week report, roughly $500 billion—that’s half a trillion dollars—is currently sitting in so-called …

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Don’t Be Fooled By Phony Health Care Insurance

Rep. John “Randy” Kuhl (R-NY) is keenly aware of the health care crisis facing future retirees. As corporations eliminate health care coverage for retirees, many people on fixed incomes are forced to choose between food and medicine. But his proposed means for dealing with the problem—tax-favored accounts similar to IRAs that allow people to save for future expenses—offers only a tiny band-aid, not a real solution. What is needed is real insurance with no ifs, ands, or buts.

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