Pensions Aren't For Everyone: Neither is Wealth
Yes, Billionaires, we have yet another reason to celebrate at the expense of the middle class. According to a June 13, 2004 New York Times report, the demise of middle class pensions in favor of “self-directed retirement plans,” or, as we like to call them, “re-directed retirement plans,” has led to an overall net loss for middle income retirees and a boom for the already wealthy.

New research by Edward N. Wolff, a New York University economist who “analyzed 18 years of household financial data collected by the Federal Reserve” suggests that, though it seems counterintuitive “for a generation to emerge from two bullish decades with less wealth than its parents,” it has by -2.2% since 1983 (for median income households).

Do not fret, Billionaires! Current trends that favor 401Ks instead of pensions have led to the rise of “an elite minority who are well-prepared for retirement, and a majority who are falling behind.”

While we agree with Mr. Wolff when he adds that "The people at the top did better than they ever would have under the old system," we take rightful issue with his conclusion that "Basically, they made out like bandits," and suggest a more polite reality:

There are two kinds of people in this world,

Those who work for their money and
Those who let those who work for their money work for them.

Combine this with G.W. Bush's strong commitment to privatize Social Security, and the next two decades will be even more profitable for Billionaires than the last. The next time you are at lunch with your congressman, don't forget to remind him we still have that part of our agenda to push through. After all, the President is waiting to sign.



- posted by Monet Oliver d'Place