vegeta1 [he/him]@hexbear.net to news@hexbear.netEnglish · 3 months agoMany 401ks are shrinkingwww.nbcnews.comexternal-linkmessage-square51linkfedilinkarrow-up190arrow-down11
arrow-up189arrow-down1external-linkMany 401ks are shrinkingwww.nbcnews.comvegeta1 [he/him]@hexbear.net to news@hexbear.netEnglish · 3 months agomessage-square51linkfedilink
minus-squareFunkyStuff [he/him]@hexbear.netlinkfedilinkEnglisharrow-up44·3 months 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 months 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-up14·3 months 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.
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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.