Once a Scam, Always a Scam

Defined contribution, i.e., 401(k) plans were never designed, contra their promoters' claims, to help anyone prepare for retirement---except for the extremely wealthy, who could afford to bank enough of their paychecks into them. For the rest of us, they were designed to liberate us from our money in the form of fees for the funds managers, commissions for brokers, and bonuses for the bank executives, and if you lost all your money because the equity markets tanked, oh well! That's why the Matt Millers of our world deserve to be shunned and scorned, and Social Security greatly expanded. We can do this any time we want---we simply have to summon the political will.

---Baron V