David Friedberg
speaker
826 appearances
1 recordings
1 series
first heard Jul 2026
last heard 22 Jul
David Friedberg’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
I'll give you another statistic.
In 1974, there was a law called ERISA that passed.
After that law passed,
it basically changed the rules around pensions.
Prior to that, 40% of Americans had a pension plan at their company that they worked at, IBM or wherever your local business was, AT&T, and you had a pension plan.
When you retired, you got a piece of your pension plan paid out to you.
The problem with pension plans is if a pension plan makes 3% a year, 4% a year, or 5% a year, compounding for 40 years,
The difference between 5% and 3% means that this pension program is way overfunded or way underfunded.
And the pension plans simply don't work.
All these companies will go bankrupt.
So they all switched over to 401ks beginning in the 80s.
So in 1980, 40% of Americans had a pension plan.
Today, less than 8%.
1980, 90% of government workers had a pension plan.
Today, 90% of government workers have a pension plan.
So government employees were kind of left with these pension plans while the middle class that worked in private companies got these things called 401ks.
You know what they had in those 401ks?
They had equities.
And they owned assets that were productive.
They owned a piece of American business.
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