National retirement system needed
Last updated 6/5/2008 at Noon
I’m sure some readers will disagree with the premise of this letter – but the facts need to be aired. Until the 1950s, most blue-collar workers were not invested in Wall Street. That was something for the “rich guys” – the ones subscribing to ticker-tape and financial newspapers. With the sickening of the National Retirement System (i.e. Social Security) and the expanding loss of good, life-time American jobs paying retirement and medical benefits, they began to be concerned about their future.
Big business and Wall Street were quick to grasp this change in thinking and began pushing the idea of market supported retirement. We soon saw the advent of 401Ks and similar schemes – many of them partially paid for by the employee. That was the beginning of the “double standard” when looking at the US economy. On one had the worker has lost his good job – replaced by one in the service industry. But, not to worry – the few dollars he has in the Stock Market is making him a few dollars in paper profits!
How blind can we be? What is needed is a viable national retirement system for everyone; providing an adequate lifestyle for all retirees. At the same time, eliminate all reliance on the Stock Market for retirement. More details? Sorry, I’m all out of space.
Robert F. Green