[Marxism] Pension Funds Collapse: The End of Retirement?

Dbachmozart at aol.com Dbachmozart at aol.com
Fri Dec 19 08:59:47 MST 2008

Pension Funds Collapse: The End of Retirement? 
By _Shamus Cooke_ (http://www.alternet.org/authors/10196/) , _Information 
Clearing House_ (http://www.informationclearinghouse.info/) .  Posted _December  
19, 2008_ 
(http://www.alternet.org/ts/archives/?date[F]=12&date[Y]=2008&date[d]=19&act=Go/) .

Unless things change fast, history will show that the  phenomenon of 
"retirement" was limited to one generation.

clip --- (http://www.alternet.org/workplace/113981/) 

Unless things change fast, human history will show that the phenomenon of  
"retirement" was limited to one generation. After World War II, when European  
and Japanese economies stood in tatters, American capitalism could fulfill "the 
 American dream," since there was little foreign competition to speak of. For 
the  first time ever, workers were promised that -- after working thirty or 
so years  -- they would be able to securely retire. That was largely the case 
... for one  generation. 
The second generation is having a devastating reality check. 2008 was  
supposed to be a watershed year for retirement: it was the first year that the  
baby-boomers turned 62, and the retirement frenzy was to begin (since people  
could begin to draw on their social security benefits). Early in the year,  
however, a study was conducted that found one-fourth of these boomers were  delaying 
retirement (only the baby-boomers who were actually able to plan for  
retirement were studied). The economy has since nosedived, and many more  retirements 
are being delayed. The unfortunate reality is that many who planned  on 
retiring will work until the grave, joining the millions of other  baby-boomers who 
never had such dreams. 
The experts are calling this the "perfect storm" for retirement. Everything  
that could go wrong is in fact going wrong. This storm, however, was not 
created  by supernatural forces, but the coordinated effort of big-business and 
their  puppet politicians. 
full --    


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