401ks: Biggest Bank Robbery In History
(and it is legal!)

YouTube Vid ...  Pension Index ... Poster

Bye, Bye American Dream...
Pegged my pension to the market but the markets all dive.
And good ole boys are buying mansions and mistresses
Saying this will be the way that you thrive.

These are the facts (2013, not updated):

  1. In 1980, the average retiree had almost $300,000 in defined corporate benefits. The top 1% of America owned about 20% of America's wealth.
  2. The first Bush I initiated the ownership society of 401ks whereby workers received pension money with tax-incentives to invest in Wall Street stocks.
    (These tax-incentives, of course, caused the national debt to balloon faster: Whatever tax-savings the middle-class saved by living beyond our means has become an out-of-control ticking timebomb.)
  3. In 2000, Bush II made 401ks mandatory and increased options: Increasing the choice of 401k options is like increasing the number of rapists with the victim having the choice of whose going to rape them and take their money, savings and pensions.
  4. In 2013, the average 65 year-old has less than $100,000 in a 401k which is worth less than $40,000 in 1980 buying power:
    1. The middle-class has lost almost 90% of its retirement funds.
    2. Where did it go? Stock options and IPO's.
  5. In 2013, the top 1% of Americans owned more than 50% of America's wealth via 401ks transferring wealth through stock options and IPOs.
  6. The absurdities of IPOs is in plain sight with the Twitter IPO (before Elon Musk's X)
    1. Lost more than $1 billion since it started.
    2. Has been not only loosing more money each quarter but more losses per revenue dollar, that is, the more money it takes in the more money it loses.
    3. Wall Street has said that this otherwise bankrupt corporation is worth $10 billion.
    4. Prime example of how Wall Street has hijacked the terms and tools of capitalism to do the opposite, that is, decapitalize production and decapitate jobs.
    5. This is not a Twitter IPO but an insiders' fleecing of American workers.
  7. Elon Musk's playing with numbers to take taxpayers' dollars
    1. Musk purchased Twitter for $41 billion. A few years later, he sold it to xAI which he owns for $32 billion. He claimed a $9 billion loss on his tax returns. Question: Can you sell your house to yourself for 75% of original purchase price and claim a 25% tax benefit?
    2. Musk has set in motion a $1.5 trillion IPO for SpaceX(largest in history). No problems will be solved as foolish, ill-educated wage-earners buy funny numbers on funny paper.
    3. His political contributions do not come from a savings account but from calling his broker to sell his self-printed stock options into 401s: We have public financing of elections by the rich for the rich. We need Economic Redistricting so all levels of an economy are re-presented, not the richest people in politically gerrymandered geographical districts.
    4. IPO: Insiders phooling outsiders. MBA: Masters Bankrupting America.

Conclusions:

  1. Workers with 401(k)s are organized financial lemmings.
  2. 401ks are a slow, sure death.
  3. Automatic 401(k)s are an automatic tax on wage-earners, an automatic tranfer of wealth to the wage-takers, another example of wealthfare whereby the money dictators have habitual polticians legalize illogical laws that are cancerous to a system.
  4. Stolen are working class' retirements as senior citizens have to work longer with less free time. Some are married to work till death do them part. Most have themselves to blame for watching sports instead of politicians.

Any wage-earner who does not forward this to Ten Friends deserves little or no retirement.
Only in numbers can the de-privileged organize to stop the theft of their daily lives.
Igknowance is blitz only until igknowed problems blitz your false happiness.