The same happened in Chile. When Chile adopted this model under the direction of advisors from the “Chicago school of Economics” the people were told this would result in far higher pensions.
Utter nonsense. The ones that benefited the most off that scheme were the already rich. The already poor or working middle class fared far worse. They present it as a success by averaging the returns between the groups. If 10 guys in a room and one guy gets a 500 percent return and the other 9 get 1 percent (-2 after management fees)everyone got a 50 percent return! Wow!
How in the Hell is this-your-face theft by the Dept of Labor even remotely legal???
How do we fight this?
Twumpie and the R’s and his grotesque cabinet are looters and scammers, minions from absolute hell realms.
When your 401k implodes, you can work at an Amazon warehouse.
Meanwhile, Blackrock and all the other private equity vampire squids will get a Federal Reserve bail out.
Hell, they already are…
Because in my view, the Republican Party is a POLITICAL, legal Party. The only way to fight it is when enough Americans wake up and realize that the Republican Party needs to be eliminated from any political, power. And if they don’t…IT WILL ONLY GET WORSE!
Bye, bye retirement, let the 401k raping begin.
I’m glad my 401-k has been turned into annuities.
They are after every loose nickel aren’t they?
And would you buy a car from this dude in the picture?
Yes indeed, the June 3 announcement by Labor Secretary Eugene Scalia, is indeed son that scaley MF. Ah, the rags to riches stories clinging to the strings of their puppet masters. Some balls never drop.
The problem is, both parties are extremely shady, and basically a great many are thieves. they just specialize in different kinds of thievery.
This is basically a con game where they have successfully convinced different parts of the population thats some of them are better. Its a parody of democracy though because behind the scenes of their con game they most certainly are colluding to maximize their take from us, their marks.
Here are the solutions to this flagrant theft:
- The employer can list only those investment choices available that do not permit private equity access.
- The 401K employee can select an investment right now, today, that has zero private equity access. For example = U.S. Treasury bonds. The return may be small, but safer than NYC and Boston private equity criminals.
- We have failed to educate the worker for their retirement needs. Today, most run out of savings by age 72.
- We have 13 investment choices. Each are reviewed every 90 days for performance, safety, and probable future growth. Lop off the losers. And add solid investment firms while watching for their fees charged, which can be excessive.
Good point, but in my view, the Democratic, Party is corrupt; the great pretender and fake opposition Party, but now with Trump the Republican Party is way beyond corrupt, they are now the Mafia, Party and very dangerous to progressives and what is left of our American Democracy.
I would buy nothing from someone wearing a tie that colour. (I might have a billious attack though.)
Usually the ugly ties are the ones you get for gifts. I’m guessing this guy bought this one. Watching the trump regime operate is like watching the virus or the war dead appear nightly on TV.
What we really need now is for Joe to be installed in November so he can privatize social security and then we’ll be done with this ridiculous experiment that was a middle class.
The dirtbag Eugene Scalia is the son of the dirtbag Antonin Scalia. Graduated from the University of Chicago Law School.
Fascists cloaked in neoliberal ideology. These people enjoy the process of slaughtering the middle class.
Each day this quote from Lily Tomlin goes through my head at least two dozen times:
“No matter how cynical you become, it’s never enough to keep up.”
Nancy Maclean’s book Democracy in Chains describes the Chicago School of Economics and its followers in great detail. Make no mistake, this is part of their endgame. They describe their kind as being makers, as in driving the economy, and everyone else as takers, scum to be thrown under the bus. Funny, but without workers to produce goods, the rich would be in deep trouble.
I actually had the great misfortune of having a friend who ended up working for one of these hedge funds. Maybe he was borderline personality disorder, but he became full blown sociopath within a year, especially after he got his MBA. Even my cats ran and hid when he came to visit. I made the bad mistake of trusting him to take care of my finances when I was critically ill for several months and then took a couple years to return to sort of normal. Dude cleaned me out, lock, stock, and barrel. Filed a police report. What was done to me personally is what they have planned for the rest of us. I would switch from an IRA to cash. And not the US Dollar!
luckily for all of us Scalia worked his way up through the ranks on his own merits and knows how hard we all work to make a better future for our children. Lol as a former Catholic this guy genuinely gets under my skin even more than the rest of the sociopathic fake Christians. How do you wind up running the dept of Labor when you never worked a day in your life?
Want some scary reading, try reading some of his dads opinions. They are buried in case law.
Cats are very discerning creatures. You should have listened to them. What a bastard though to take advantage of you.