It’s interesting to see Duncan Black take to pages of USA Today to try to change the paradigm about Social Security. He argues that we must increase Social Security benefits. Needless to say, no one in Washington DC is making that argument. As for 401(k)’s being a disaster, I have long felt that way, too. But it’s not just that people do not (and often cannot) sock enough income away in their accounts, it’s that it has led a generation of people to believe that they have skin in the game on Wall Street. People want the stock market to go up so they can get a nice quarterly report. But that’s like a bunch of guppies taking an interest in the shark tank. Unless you have a ton of money, you are not a player, and you have no business watching CNBC as if you were.
You should be focused on employee rights, not the Nasdaq.
