Political Quotes

“I rise today to discuss one of the most concerning issues our country faces today, an issue that Chairman Harkin particularly has been outspoken on, and that is the growing retirement crisis. A couple weeks ago I chaired in the Finance Committee the first congressional hearing on the MyRA retirement plan for low- and middle- income workers that President Obama proposed in his 2014 State of the Union Address. We will explore some of the issues, especially the Harkin legislation, later. But I want to talk for a moment about that hearing. We know for many Americans, the traditional three-legged retirement system--Social Security, defined pension benefit, and personal retirement savings--that three-legged stool is simply no longer working. For many, two of those legs are gone, and the third leg--the Social Security monthly payment for low-income workers--is, frankly, way too short. We know that Social Security remains the safeguard of retirement security for working-class families. But, as I said, it was never meant to be the only method of saving for retirement. As we emerge from the greatest recession since the Great Depression, the private retirement system is not working. Over the last 30 years, the defined pension benefit has, for far too many people, disappeared. The new system of tax incentives for 401(k)s and IRAs only works if you are middle income, typically, or wealthier.…”