Political Quotes

“I believe he has made a significant contribution to the debate today by offering the substitute, which I intend to support. As I said when we considered this last Congress, the problem with Portman-Cardin is not what is in the bill, the problem is what is left out. And what is left out is a more meaningful incentive to those who are having the most difficult time saving, moderate-earning households, that simply do not have adequate discretionary income. For that reason we have structured the substitute as an additive proposal. It takes all of Portman-Cardin and adds this to it. After all, the last two Congresses have passed a variety of new incentives for saving for retirement, but have done virtually nothing for the $50,000 and below household who already had the tax deductible IRA. I think we ought to look at what is actually happening out there. In a recent study commissioned by the Consumer Federation of America, and conducted by Ohio State economist Catherine Montalto, indicates exactly the problem. Only 44 percent of households in this country are saving at a rate that will provide them an adequate retirement income.”