.... Two founders of Third Way, a Washington think tank that carries water for Wall Street by pretending to be a centrist organization, have come out with a new proposal for a mass retirement program that, yes, will line Wall Streets pockets while promising the average worker something it cant deliver. The promoters are Jonathan Cowan and Jim Kessler, who last surfaced in December with an attack on Social Security in the Wall Street Journal that we noted was brimming with misrepresentations and untruths. Their new proposal to capitalize workers appeared over the weekend in the New York Times. (They do get around.) Their theme is that raising the minimum wage is all well and good, but if the goal is to materially raise living standards for every American worker, we should also be calling for a minimum pension. Properly structured, they say this would not only create real wealth for the middle and working classes, it would use the power of financial markets to reduce wealth disparity. latimes/business/hiltzik/la-fi-mh-another-rotten-20140408,0,5830517.column
Posted on: Wed, 09 Apr 2014 22:11:42 +0000
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