We have a retirement income crisis, and ordinary workers don’t have much hope of retiring and maintaining their standard of living if they don’t have retirement savings and expanded Social Security. One doesn’t replace the other. Workers need both. Since we crushed unions and the wealthy got their tax cuts in many forms, the idea of retirement has slipped from view. All advocates of worker income security need to concentrate on the many levers to secure retirement income.
Yesterday in The Hill, Nancy J. Altman — a respected analyst of Social Security costs and benefits and who had been a key source for me to understand the complexities of government provision of wealth and social insurance – and her co-author made some puzzling mistakes explaining John Hickenlooper’s and Thom Tillis’ bill to help all workers accumulate assets to supplement Social Security.
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