[Marxism] Is Paul Krugman cribbing from Monthly Review?
charles1848 at sbcglobal.net
Mon Nov 18 13:14:42 MST 2013
Louis Proyect wrote:
When someone lost 50 percent of the value of their 401K or IRA in 2008
now sees it at 50 percent higher than its previous high-point, they
become mollified. I say that as someone who has had many conversations
with such people in Columbia IT. I am sure that someone who has a job as
coal miner or UPS driver feels exactly the same way.
So sentiment goes up and down with the stock market?
1) Retirees who need to withdraw feel market down periods more
intensely, with lasting effect since the account no longer receives
2) Don't lots of Columbia IT employees earn well above median wage
(currently about $770 a week for full time workers)? The amounts in
typical accounts are far too small to provide a comfortable retirement
on top of Social Security. 401K accounts exacerbate wage inequality,
because it is easier for a higher-income employee to save a given
percentage of earnings, while lower-income workers must spend on current
3) Want to bet on whether the typical workers' account will keep up with
inflation over the next decade or two? That would be a compound of the
performance of the stock market and the degree of plunder from the
little guy in the market by Wall Street professionals.
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