Thursday, November 21, 2013

Finding a voice and a champion

Although many have known she was the champion of the middle and working classes for years, the senior senator from Massachusetts came out swinging on perhaps the most pressing issue for baby boomers facing retirement.  Elizabeth Warren said it is not the time to cut Social Security, but expand it as the only retirement plan most Americans can really count on when they stop working for pay.  The loss of defined benefit pensions which a more highly unionized earlier generation used to stave off poverty was traded for the grand experiment of the 401K plan.  Employers would match the contribution of workers and the resulting investment in the stock market would create a wealthy retired class...NOT.  When the dot com bubble burst, many lost almost all their retirement savings.  The real estate bust continued that crisis.   The stagnating wages of most in the middle class prevented much saving and now the "grand bargain"  sought by many in D.C. would chip away at the last refuge of  60 somethings on the verge of retirement.   Enter Senator Warren with a diametrically opposed message.  Let's say something about our society by treating those who worked all their lives and played by the rules to enjoy a decent retirement.  The naysayers on the right who feel we can afford endless war and 550 billion dollar "defense" budgets have no reply to the Ms. Warren's economic populism. 

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