The 401k has been a resounding success that democratized stock market ownership, and Ted Benna deserves credit for creating it.

49:13>> And it says >> Ted Bennett is the guy. had Benna with his cat Leo on his farm in Jersey Shore, Pennsylvania. >> That's a new one. >> There's a Jersey Shore, Pennsylvania. >> That's new to me, too. So, he talks about like, hey, listen, I So, he he basically got the 401k because it was this tax loophole, which of course, what do you what do you think of tax

49:40loopholes? Who is it going to benefit? rich. He said, "The 401k has has really benefited rich people more than other people. I want to make it more equitable." I actually think the 401k has been a resounding success. And I know a lot of people would disagree with this. Here's the numbers from this uh article. >> What is to disagree with? >> It's been a home run. >> So, he's saying it as So, here's the

50:04thing. when he started this in the late 1970s, the 401k plan when it first got hatched, 38% of US private sector workers, many of them in unionized industries had pensions that promised income for life. It wasn't there was never this time that everyone had a pension. And now we have we would not have 65% stock market ownership in the US without a 401k. It simply that wouldn't be the case.

50:25>> There's 10 trillion dollars in 401ks. >> Ted, take a bow. >> Yes. It was a a way bigger success than we ever could have realized or hoped for because guess what? Those unions were going away and those pensions were going away either way. So, if we would have had all the pensions go away and the 401k wasn't there to fill the void, it would have been 10 times worse. Then

50:48people would have gone, "What the what? There's nothing. Just an IRA. That's it." Just at Fidelity alone, there are 600,000 accounts that are worth a million that have a million dollars or more. And think about what that number is going to be in 10 years and 20 years. >> Yeah. Yes. I I I would still love it if we could open up the 401k for everyone. And the government said, "Listen, if you

51:11have it, if you earn a paycheck, you can invest in the government's form of the thrift savings plan because there are still like 40% of workers don't have access to a 401k because they work for a small business that doesn't have one or their employer doesn't give it. So they I would love to see a 401k for everyone. That would be the Ben Carlson campaign promise. Everyone gets a 401k. If you

51:30want it, you can have it. >> I do love that he's not resting on his laurels and he wants to improve because there's it's not it's not perfect to your point. There's always room for improvement. >> But yeah, Ted, take a bow. >> Uh, this is interesting from Bloomberg. More Americans now fly than ever before. So, they went back to the 1970s and they looked at people have flown in the last

51:4812 months or flown ever. And both of these have essentially doubled from, I don't know, flown in the last 12 months is like 25% of people in the 1970s. And now it's closer to 50% and flown ever was 50% in the 1970s and now it's closer to 80 or 90%. >> My six-year-old has been on more flights than I was in my entire life prior to age I don't know 25.