Should All Workers Have Pensions?

[Omaha Steve]

http://www.laborradio.org/node/9580

Should everyone have a pension? That's what one economics professor is suggesting in her new book. Jesse Russell reports:

New School for Social Research Economics Professor Teresa Ghilarducci wants you to have a pension. According to Ghilarducci, only 50 percent of the workforce have anything dedicated to pensions. In her book "When I’m 64: The Plot Against Pensions and the Plan to Save Them” she proposes that everyone who doesn’t currently have a defined benefit be allowed to put five percent of pay into a government guaranty secure account.

: …where they would accumulate assets and at the end of their working life when they collect social security will get a supplement to their social security on top of their social security. And if they want to save more, they can add to it and they won’t have to go to a commercial bank or to a commercial investment house.

Ghilarducci has seen a shift in the political climate regarding her plan which was marginalized before the summer, but is now receiving more support with the current financial crisis.

: This way we give everybody access to the kinds of plans that public sector workers have, federal reserve employees have, federal government employees have, members of congress, state legislators, and the lucky unionists who have a defined benefit plan at work.

[aquart]

1. Yes. Next question.