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...studied - those in the Standard & Poor's 1,500 index, which includes household names like 3M and Coca Cola - reported their pension plans ended 2007 with a $60 billion surplus. So the swiftness of this year's decline is astonishing. (Read "Is It OK to Pray for Your 401(k...
...resulting album as a progressive heir to their former greatness. But greatness is no more present on this album than democracy is in China—both are myths. Maybe “Chinese Democracy” should have stayed that way. —Reviewer Kyle L. K. McAuley can be reached at kmcauley@fas.harvard.edu...
...positive of the 401(k) is that it's portable, while most pensions aren't. But on balance, there's widespread agreement among those who study retirement matters that the 401(k) has so far proved a less-than-adequate replacement for disappearing corporate pensions. "It may be a good tax-free-savings system for wealthy individuals," sums up George Miller, the California Democrat who chairs the Education and Labor Committee and plans to spearhead a re-examination of the 401(k). "It may not be the best retirement-savings system for working families...
...best retirement-savings system for working families might look like. There have been several proposals (including one by Barack Obama during the campaign) to create modestly subsidized, automatic IRAs, at least for the more than 50% of private-sector workers who don't have access even to 401(k)s. Ghilarducci wants more - a government-run plan, financed in part by the end of the 401(k) tax deduction, that would guarantee a 3% return above inflation. Don't think that's a good deal? Fine. But remember that for most Americans, the 401(k) isn't either...
...nation suffering Detroit fatigue. Americans may not know squat about collateralized debt obligations, but as a nation we have been defined by car worship. We are angry at our car gods - who for too many years made too many clunkers - because we have owned the Dodge Aries K cars, Mercury Montereys and Chevy Chev-ettes they produced. So the citizens and the pols are irked to have to throw these companies a lifeline, even though they probably should do it for the good of the economy. An out-of-business GM (or even a bankrupt, reorganized one) is more than...