Quote of the Day

“The New Rules Hurting Retirement Security” [Democracy Journal]. “Fewer than one third of Americans aged 65 to 74 have any savings in a retirement account and the accounts that exist are inadequate to provide a secure retirement—the median balance is just $49,000. The situation for younger workers is even more dire.” So, in the face of this crisis, liberals have a complicated “nudge theory” Rube Goldberg device, which sucks, and conservatives have a simple machine (in this case, the screw). The unasked question: Why should people have to “save for retirement” at all?

—Lamberth Strether at Naked Capitalism

Except for calling the screw a simple machine, I think of it as a helical wedge, and think that the ancient Greeks were in error giving it status as a separate element, I agree completely.

Private retirement accounts are primarily about lining Wall Street's pockets, which is why the Clinton/Obama wing of the Democratic Party has been Jonesing to privatize Social Security for decades.