masaccio commented on the blog post FDL Book Salon Welcomes Hedrick Smith, Who Stole The American Dream?
I practiced bankruptcy law in Nashville, which is just up the road from McMinnville. It’s true that 401(k)s have been a real disaster for most people. They are used like a piggy bank, like tax free savings, to be called on when times are tight. In my bankruptcy practice, almost every single debtor used their retirement money to try to stay afloat, explaining that they borrowed so they had a moral obligation to repay.
What amazes me is that these same corporate chieftans who scuttled pension plans at their companies and cut matching contributions to maintain their own salaries (see Hostess Brands) are the people trying to cut Social Security, Medicare and Medicaid.
Yet our fellow citizens continue to worship at the free market altar, and defend these people as just doing their jobs. People feel helpless to stop it as it destroys their lives.
I don’t see how a solution can emerge from our fractured politics and our dominant media frameworks. Do you?