Lawmakers Push Wall Street Giveaway Disguised as Increased Worker Security

Nancy J. Altman and James W. Russell The Hill April 24, 2024

The nation is facing a retirement income crisis. Too many workers will never be able to retire and maintain their standards of living. Employer-sponsored traditional pensions have largely disappeared, replaced with wholly inadequate 401(k)s and other tax-favored individual savings and investment plans. 

The solution to the crisis is simple: Expand Social Security. Frustratingly, there are politicians and think tanks that instead want to expand the very individual savings and investment approach that contributed to the crisis. A good example is the Retirement Savings for Americans Act, currently pending in Congress. It would automatically enroll all employees not covered by an employer plan into a savings and investment account with mandatory contributions of 3 percent of wages. To continue reading, click here.

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