Solving a Looming U.S. Retirement Crisis

The 401(k) has been a failure and should be replaced with new Guaranteed Return Accounts that could be made available to all workers

Google my name, and you'll see my photo next to a blog calling me "the most dangerous woman in America." Why does a U.S. News & World Report blog put me up there with Typhoid Mary and Octomom? In October 2008, just as the financial crisis was gathering steam, I told a congressional committee that it's time to reinvent the 401(k). I suggested a government-guaranteed alternative consisting of diverse and prudent assets such as blue-chip stocks and corporate and Treasury bonds. "The 401(k) is a failure," I told the House Committee on Education & Labor. "I want to spend our nation's dollars for retirement better."

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