Glenn English: “In the last 40 years, Americans have gone from saving 6.2 percent of their disposable personal income to saving less…”

“In the last 40 years, Americans have gone from saving 6.2 percent of their disposable personal income to saving less than .1 percent. In fact, Americans lag behind Canada, Germany, and Japan by as much as 4 percent when it comes to our national savings rate. The rate of decline in national savings is greater in the United States than in most of the industrialized world. Today, as a result, we import capital into our country to finance our improving standard of living. In my view, addressing this problem is as important to our national economic future as addressing our reliance on foreign oil. We need to end our dependence on imported capital, and this landmark legislation will address that problem by allowing families to increase their retirement savings. H.R. 10 will increase the national savings rate, increase our national prosperity, and provide for a stable retirement for millions of working families through better access to pension plans and expanded IRAs.”