But we can’t raise the minimum wage because that would raise the cost of EVERYTHING and cut jobs…….
‘According to the Economic Policy Institute, 39 percent of workers nearing retirement age (56 to 61 years old) have no retirement account savings whatsoever. That means they’re likely to be entirely dependent on Social Security, which currently pays an average benefit of just $1,239 per month’.
‘This grim picture will become even grimmer if Republicans manage to push through their new plan to overhaul Social Security. Introduced last week, the plan would cut benefits for all but the lowest earners by 17 percent to 43 percent by the year 2080, and hike the retirement age to 69 by 2030′.
‘As President Obama prepares to ride off into the sunset, among the perks he can look forward to is a presidential pension. Every month for the rest of his life, he’ll receive a retirement check for about $17,142 — not bad for a guy with at least a few black hairs remaining on his head’.
‘And yet this sum is paltry compared to the retirement assets enjoyed by most big company CEOs, including some whose nest eggs were feathered by taxpayer dollars’.
‘Take, for example, Michael Neidorff, the CEO of Centene, which manages health plans for Medicaid recipients and other poor Americans. Since Obamacare began expanding health coverage in 2010, Neidorff’s company retirement account has grown 658 percent, to nearly $140 million. That’s enough to generate a monthly check of $744,000—43 times as much as Obama’s’.
‘If you think that’s a big gap, consider the retirement divide between top business leaders and working families’.
‘A new report I co-authored for the Institute for Policy Studies finds that in 2015, the 100 CEOs with the largest nest eggs had $4.7 billion in their combined company accounts. That’s as much as the entire retirement savings of the 41 percent of American families with the smallest nest eggs’.