Political Quotes

“Mr. President, several times on the floor of the Senate I have talked about the issue of retirement security. It has been a priority for me during my entire career in the U.S. Congress. When the United States has led the world in just about every economic indicator, there is always one in which the United States is not doing well; that is international savings, particularly retirement savings. When we take a look at recent figures, we find that 48 percent of those who are near retirement--over 55 years of age--have zero amounts in retirement funds. Almost half of our near elderly have no retirement funds and pensions at all. Twenty-nine percent have zero savings. So we need to do a lot better. The issue is very much compromised because we have seen a major trend in the employment world from defined benefit plans to defined contribution plans. In the defined benefit world, the employer guarantees certain benefits to their employees who take the risks of the market. In a defined contribution plan, it requires the employee to put his or her own money aside and be disciplined in order to do that. As a result, we find less retirement security for many wage earners today. This puts pressure on our Social Security system. Social Security is a very, very important program, but it is only supposed to be one leg of a three-legged stool of retirement security, including private retirement and private savings. We have responded in the past, and we have taken action.…”