chris: i want to ask you about one of your other big issues and that is you have introduced legislation to create paid family leave. you take the money that would go to the parents of newborn children from social security payments they would get later on. democrats say the benefit is too small and it shouldn t come out of retirement payments and third, most people take family leave for illnesses. either their own or family members. they don t take it for childbirth. ivanka trump was a big supporter said there s no chance this is going to happen in this congress. nothing is going to happen other than the bills that are stacked up and ready to goal. if this is a big issue, it s a revolutionary idea and it will take time to pass. here s what it does, it s an option. you don t have to. the benefit is comparable to
talk how that works. i don t think the public knows some of that. they re doing exactly what you re saying. they started out by doing it. the 401(k), it was never intended to be a national retirement plan. it was stuck into the legislation by barbara conable, an upstate new york republican as a favor to xerox and kodak because they had their head offices in his home district. they wanted a tax shelter for retirement payments to executives. that s how it started. they wrote it. it was 401(k) because it s 401 provisions down in the tax code. it was so small, nobody knew it was there. you guys didn t know it was there. instead of having a solid pension with a guaranteed annuity coming to you, you have 401(k)s which have shrunk in many cases over the years. what you got is hundreds of billions of dollars of expenditures are shifted from the corporate books into the pocketbooks and wallets of ordinary people. it s a disaster. the average 401(k) balance today is $18,000. the median 401
intended to be a national retirement plan. it was stuck into the legislation by barbara conable, an upstate new york republican as a favor to xerox and kodak because they had their head offices in his home district. they wanted a tax shelter for retirement payments to executives. that s how it started. they wrote it. it was 401(k) because it s 401 provisions down in the tax code. it was so small, nobody knew it was there. you guys didn t know it was there. instead of having a solid pension with a guaranteed annuity coming to you, you have 401(k)s which have shrunk in many cases over the years. what you got is hundreds of billions of dollars of expenditures are shifted from the corporate books into the pocketbooks and wallets of ordinary people. it s a disaster. the average 401(k) balance today is $18,000. the median 401(k) balance for people on the verge of retirement after 20 years in the 401(k) is only $85,000. the corporations saved enormous
retirement plan. it was stuck into the legislation by barbara conable, an upstate new york republican as a favor to xerox and kodak because they had their head offices in his home district. they wanted a tax shelter for retirement payments to executives. that s how it started. they wrote it. it was 401(k) because it s 401 provisions down in the tax code. it was so small nobody knew it was there. you guys didn t know it was there. instead of having a solid pension with a guaranteed annuity coming to you, you have 401(k)s which have shrunk in many cases over the years. what you got is hundreds of billions of dollars of expenditures are shifted from the corporate books into the pocketbooks and wallets of ordinary people. it s a disaster. the average 401(k) balance today is $18,000. the median 401(k) balance for people on the verge of retirement after 20 years in the 401(k), is only $85,000. the corporations saved enormous
neil: dead and kill making a killing raking in taxpayer to the tune of $600 million for dead people for retirement payments. here we go, again, how does this happen? guest: that is the billion dollar question. from 2000 until 2010, $1 billion in other payments to dead people through the social security administration, through health and human services, housing and urban development, and get this, agriculture subsidies going to dead farmers the we are getting interest some strange territory when we send dead farmersal subsidy payments. neil: the argument for this, put this in perspective, in percentage terms it is small, why me if this is the case but i will say this: when the numbers