Word: investments
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Dates: during 1990-1999
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Every payday, 18.5 million Americans have an estimated $747 million withheld from their wages and salaries and placed in 401(k) accounts, where money managers invest it in securities. Taxes remain deferred on the income and investment gains that accrue in the plans until the employees retire. But unlike traditional public and private pension plans, the 401(k) program, which has amassed $525 billion in retirement funds since it began in 1979, carries no federal insurance to protect employees against theft and mismanagement...
...missing the basic point that the stock market is a far more important national resource than the bond market, particularly the government bond market. After all, what is the government bond market except a creation of Uncle Sam's inability to pay his bills? When you "invest" in government bonds, you are merely the enabler that allows the deadbeat Uncle to continue to live in arrears, the same as if you lent the money to a neighborhood credit-card abuser...
...graduated tax system solves this problem. True enough, it slows down the growth of the upper classes' wealth and their potential to invest in new economic ventures. But the graduated tax does contribute to equality in the distribution of wealth...
Although Shell's chief executive did send a personal to Nigeria's leaders to spare Sao-Wiwa's life, it was clearly a token gesture. As long as companies such as Shell continue to support the military junta by mining Nigerian oil, and, as long as institutions like Harvard invest in Shell, human rights abuses such as Saro-Wiwa's unjust execution will continue...
Students are justified in demanding that Harvard act morally and not invest its funds to support a government that so flagrantly violates human rights. Hopefully, the Corporation will heed the call of students and honor Saro-Wiwa's cause by divesting its reported $1 million investment in Shell...