Tweeter-in-chief Donald Trump constantly bashes “do nothing Democrats.” In fact, it’s Mopey Mitch McConnell who’s the do nothing man, refusing to act on nearly 400 bills passed by Pelosi’s House.
In 2017 a Republican-controlled Congress passed a tax cut hugely tilted to corporations and the wealthy. In the waning days of 2019, the Democratic-controlled House did a kind of me-too. It pushed through a retirement bill with a provision that gives billions to those in the upper tiers.
Pundits from the left, from the right and from the center cannot stop reporting about Greece’s misery. And rightly so because the vast majority of her people live in deep economic hardship. No hope. Unemployment is officially at 18%, with the real figure closer to 25% or 30%; pensions have been reduced about ten times since Syriza – the Socialist Party – took power in 2015 and loaded the country with debt and austerity. In the domain of public services, everything that has any value has been privatized and sold to foreign corporations, oligarchs, or, naturally, banks.
The aging of America is putting the squeeze on Social Security. About 10,000 baby boomers turn 65 every day and the number is heading even higher. Ready or not, our retirement system faces its first major overhaul in decades.
Congress created individual retirement accounts (IRAs) in 1974. Four years later it added 401(k)s. A third variety, Roth IRAs, won approval in 1997. Together the accounts dominate America’s private retirement system.
Today we’re a hugely unequal society. Updating our private system could reduce inequality, and help make the golden years golden for all Americans.
Let’s begin with the millions of workers we’re not even giving a chance:
