Current Affairs26 Jul 2024

Why No One Gets To Retire Anymore (w/ Teresa Ghilarducci)

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Teresa Ghilarducci is an economist at the New School for Social Research and the author of Work, Retire, Repeat, which shows how the possibilities for having a comfortable and dignified retirement are slipping away.

We begin with a news story about a 90-year-old veteran who was pushing shopping carts in the Louisiana heat to make ends meet. Prof. Gilarducci explains how it can be that in the richest country in he world, a person that age can still be having to work. She shows how the pension system disappeared, why Social Security isn't enough, and explains how even the concept of retirement is beginning to disappear, with many arguing that work is good for you, people should do it for longer. Prof. Ghilarducci also explains how things could be different, advocating a "Gray New Deal" to help older Americans experience the comfort and stability they deserve after decades in the labor force.

"Working longer is not the solution to bad retirement policy. In fact, working longer is causing an insidious problem, eroding both the quantity and the quality of older people’s years. Not only is retirement—which is precious time before death—slipping away, but also retirement time is becoming more unequal,, .The nation should not depend on people working longer to make up for inadequate retirement-income security. Doing so only exacerbates inequalities in wealth, health, well-being, and retirement time." - Teresa Ghilarducci

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