Gerald C. Friedman, economics, comments in a column about how the layoffs announced by General Motors highlight the ever-larger holes in the retirement system for most American workers.

Gerald C. Friedman, economics, comments in a column about how the layoffs announced by General Motors highlight the ever-larger holes in the retirement system for most American workers. He says, “Companies don’t offer pensions anymore. Social Security, when it was established, was meant to be one leg of a stool. One leg would be the private pension through employment, a second leg personal savings, and a third leg Social Security. Social Security is now the only source of income a lot of elderly have.” (NBC News, 11/27/18)