Many older Americans are living a desperate, nomadic life

We saw in the 1980s a shift from pensions to 401(k)s; that was a raw deal for workers. These retirement plans were marketed as an instrument of financial freedom, but they were really transferring risk from the shoulder of the employers to the backs of the workers.

"Financial freedom" was the problem as well as the selfish employer refusing to take care of its employees for life.

Huh? How does the employer not paying someone for life, make them selfish? Before the wage controls of the early 1900s, most employers didn't offer many extra benefits. Do you know how expensive it is to pay someone for not doing any work? Several decades of free pay, times multiple employees, will put most employers out of business fast. Plus, most people nowadays don't stay with one company like they used to. And most companies don't award even partial pension benefits until you have 15 or (maybe) ten years at the company. In which case, getting some benefit - 401k - is much better than nothing.

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