Trent Lott: “as we continue to debate the budget, I think it's interesting to note that the United States now has the lowest savings…”

“as we continue to debate the budget, I think it's interesting to note that the United States now has the lowest savings rate of any industrialized nation in the world. If the situation does not change quickly, many Americans may have no choice but to live below the poverty level during their retirement years. Retirees can no longer depend solely on their Social Security and pensions to support them in retirement. I believe it is our responsibility to give the American people, not only an alternative, but in reality, a life preserver for their retirement years. We must encourage people to save for their own retirement. For that reason, I believe it is critical that we expand the current IRA's, allowing more people to use them for savings and investment. We should do this as a part of any budget package which is agreed upon or as stand-alone legislation.”