Joe Crowley: “We need to tackle a challenge that is threatening the financial security of the middle class and those who are working…”

“We need to tackle a challenge that is threatening the financial security of the middle class and those who are working hard to remain in it. That is not just in New York City, that is throughout our entire country, but particularly in my home city and my home State, and that is a savings and retirement security crisis in America. The word ``crisis'' is no exaggeration, Mr. Speaker. Nearly half of U.S. households do not have a savings plan. Less than one-third have a cushion to cover basic expenses for just 3 months if a layoff or other emergency leads to loss of income. The status for retirement savings is even more dire, Mr. Speaker. Remember, one out of every two Americans going to work today doesn't have a retirement plan provided by their employer. We are seeing a new generation of Americans growing up with little or no savings to help them climb the economic ladder or simply weather a difficult time. Younger workers are trying to save for their children to go to college. They are trying to buy a home or build the emergency fund they will need if their car breaks down. Others are wondering if they can afford to start their own business or have the financial security to leave their job for a better opportunity. Older Americans are looking at retirement and if they will be able to support themselves and maintain a good quality of life without working.…”