If business leaders want to reduce workers’ anxiety, they could start by helping to give them a secure retirement again.
Demonstrators calling for Congress to take bold actions to fight global warming are seen outside the Capitol in February 2023.
My suggestion was simple: Treat workers better. This wasn’t the answer they wanted. Many rushed to tell me how generous their pay raises have been, how easy it is to go from an entry-level job to management at their company, and how they have diversified their workforce. These are all welcome efforts, but they miss the bigger picture. Young people in America have come of age during the Great Recession, the sluggish recovery that followed and then the coronavirus pandemic.
While Fink correctly identified a key problem, his proposed solution wasn’t to bring back pension plans. It was a new BlackRock product that helps people better manage their retirement spending. In other words, it’s a way for BlackRock to likely make more money. It’s a shame that Fink didn’t use his bullhorn to call on business and political leaders to shore up Social Security. It’s hugely popular and the country’s most successful policy to. It’s another reason to worry. Fink calls for raising the retirement age. That’s probably part of the solution. But a better way to ensure that Social Security will be there for younger generations is to raise taxes slightly on.
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