Richard Thaler Quotes
Every American worker should be able to save for retirement via payroll deductions.
Thaler, Richard H. Misbehaving: The Making of Behavioral Economics. W. W. Norton & Company, 2015.
Clinton wanted to strengthen Federal control over how private pensions like 401k plans were managed and increase the penalties for fraud and abuse. The legislation failed. About 8 years later, the nation was in a private pension crisis with fraud, underfunding, and mismanagement destroying much of the value of American’s pensions and transferred more debt onto the Federal Government. Clinton critics argue that the proposed legislation was too weak to have prevented the serious problems that ensued, while supporters claim that he had to propose very little because of the opposition to doing anything. The quote is important because it shows early government knowledge of a potential problem which did not good as the system failed to build in any protection for the future
Richard H. Thaler is an American economist and the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. In 2015, Thaler was president of the American Economic Association.
