On the recordJune 20, 1997
When you talk about savings, in my judgment, the force that has more to do with destroying savings is Uncle Sam. When something marches through an average person's checking account and takes over half, as they do today--a 45-percent tax is the cost of Government, and higher interest rates because of the deficit--there isn't anything left to save in an average family. You can look at every data and see exactly what has happened as we ratchet up the amount that the Government takes out of that checking account. We closed savings accounts all over the country. Until we start moving resources, as the Senator described, for New Mexico back into their savings accounts, we are never going to have them open savings accounts.
Source
govinfo.gov
