All of which goes to show the tragedy in the decline of pensions. Pension funds
have been raided for a variety of corporate reasons. It is unreasonable to
expect working people class people to be investment experts when the variety of
financial products is DESIGNED to deceive the consumer. 401K's are the
biggest ripoff of people ever devised. People are so stretched economically due
to stagnant wages that they are borrowing from their 401k's. These are
supposed to be substitutes for pensions. There is no reason for the
decline in pensions. This is a fabulously wealthy country, but the wealth is
being stolen and raided from those of us who work 9-5.People have
rights and they have limits. They will not stand for what is being shoved at
them - no retirement - work 'til you die. Workers of the world unite!
Financial literacy works pretty well with the middle class until extended
unemployment and/or loss of health reduces them to a state of desperation. There
are big holes in the welfare net, and we can't raise taxes sufficiently to
meet these needs.Nothing is more natural and yet more disasterous
than for a drowning person to cling to any support possible, thus drowning the
rescuer with the victim.
This piece has squarely hit the mark in its recognition that the future welfare
of society depends upon its members recognizing and fulfilling their duties.
This is true in all areas, including financial. Unfortunately, the
current left leaning administration is subverting this obvious truth.
Specifically, it has created a culture of entitlement in which the masses have
no incentive to act responsibly. The masses feel that simply because they exist,
the government is required to satisfy their every want and need.We
must return to the principle that a man must work for his bread, and if he will
not work, he will not eat. That is the way to instill a sense of financial