Millennials Face a 'Great Depression' in Retirement

Americans in their 20s and 30s are facing a retirement crisis that could plunge them back into the Great Depression, Blackstone President and COO Tony James said Wednesday. Appearing on CNBC's Squawk Box, James exclaimed "Social Security alone cannot provide enough for these people to retain their standard of living in retirement, and if we don't do something, we're going to have tens of millions of poor people and poverty rates not seen since the Great Depression." According to James, the solution is simple - government-imposed mandatory savings through a Guaranteed Retirement Account which employers are mandated to match (whose assets would be managed by?).