PolicyGuy

Wednesday, November 26, 2003


Retirement Funding: Away from Pensions to 401(k)s
The Wall Street Journal reports ("One more reason to quite your job," November 25) that the money in 401(k) plans now exceeds the money in pension plans: $1.95 trillion to $1.59 trillion. Predictions that the rise of the "investor class" would change politics and policy may be overstated, but the scope of the class--people who actively participate in shaping their own financial future--cannot be denied. Overall, it's an encouraging development.

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"Justice Louis D. Brandeis'?s metaphor of the states as "laboratories" for policy experiments ... had almost nothing to do with federalism and everything to do with his commitment to scientific socialism. .... To this day, it continues to inhibit a truly experimental, federalist politics." -- Michael S. Greve

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