JoB
DP…
I would like to acquaint you with a redundant term… pensions.
they were contractually negotiated agreements between business owners and employees in which employees agreed to work for a lesser wage in return for pension benefits upon retiring.
Those benefits were the income that a generation of workers depended upon to supplement their social security income in their old age.
When businesses “reorganized” through bankruptcy proceedings one of the financial obligations they liquidated was the pensions of their workers… pretty much a whole generation of workers.
Pensions as a means of deferring income to retirement were replaced by captive retirement programs like IRA and SARSEP where an individual invested funds in the company retirement programs that were managed by “professionals” .
Those funds were invested in mutual funds that haven’t always outperformed inflation due to profit taking on the stock market and those pesky reorganizations.
Again.. it’s easy to blame individuals until you realize that the wealth in this country has been stripped from the middle class and now resides in the assets of the top 2% wealthiest Americans.
We funded their retirements with our investments and our hard work.
Wasn’t that nice of us?