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Home Publications Blogs Beat the Press NYT Discovers Retirement Income Problem

NYT Discovers Retirement Income Problem

Sunday, 23 September 2012 07:29

They may have been a bit slow, but better late than never. It is encouraging to see the NYT strongly endorse the proposal to have California offer a state managed retirement plan to workers in the private sector who don't have a pension at their workplace. That fact that it took so long is a bit annoying to those of us who have been working on this issue for the last 15 years or longer, but no one ever accused the NYT of being on the cutting edge of anything. Anyhow, better late than never.

Comments (2)Add Comment
written by PeonInChief, September 23, 2012 12:03
It's not even an new idea in California. Arnie proposed it back in '05.
NYT Doesn't Discover Income Problem
written by John Yard, September 23, 2012 1:44
California workers don't have a retirement income problem , the have an income problem. If workers had obtained a proportion of their increased productivity
since 1970, they would be able to supplement Social Security , and maintain a decent lifestyle through their working years.

Without having sufficient income to maintain a middle class/ working class lifestyle, workers will not contribute to the 401k, which is a perfectly appropriate choice.

Most 'solutions' fail to factor in opportunity cost : having $100 when you are in your twenties is worth far more than having $100 in your seventies.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.