I wrote a piece for the March 11th issue of The American Prospect, which features a special report on "America's Endangered Middle Class; Why Saving it is Ground Zero of American Politics."
The report features a comprehensive review of the state of affairs affecting the middle class, including culture, economy, politics, and education, among others. I was proud to join contributors including E.J. Dionne, Thedad Skocpol, Robert Kuttner, Laurence Mishel, and Heather Bousey.
I write about the collapse of secure retirement and what needs to be done to save middle class men and women - who have worked all their lives - from poverty in their golden years.
Over half of workers have no pension plan. Of those who do, only 20 percent have traditional plans that provide a guaranteed benefit, while the other 80 percent have 401(k)-type plans that shift all the risks to the retiree. In 2009, the account balance for the average-income household with a 401(k) plan was only about $67,000. Even the oldest workers in the highest-earning households, of $100,000 annual income and over, have on average only about $173,000, which yields a lifetime monthly income of just $500.