Switching pensions to 401Ks aligns the interests of the rank and file plebes and Professional Managerial Class with the upper crust. So the plebes are forced to root for their own incremental gains while the actual Capitalists rake in enormous profits for zero labor investment. Which is why we haven’t gained any real capabilities in the US for the last 15 years, as most companies favored a finance junkie strategy, and the majority of the middle class is worse off than they were 10 years ago, while rampant inflation and unchecked price gouging ensures that any modest wage increases are still net negative.
Switching pensions to 401Ks aligns the interests of the rank and file plebes and Professional Managerial Class with the upper crust. So the plebes are forced to root for their own incremental gains while the actual Capitalists rake in enormous profits for zero labor investment. Which is why we haven’t gained any real capabilities in the US for the last 15 years, as most companies favored a finance junkie strategy, and the majority of the middle class is worse off than they were 10 years ago, while rampant inflation and unchecked price gouging ensures that any modest wage increases are still net negative.