Political Quotes

“today, as I did once before in January of this year, I rise to speak about an issue which is of vital importance to this Nation, the retirement security of our people into the 21st century. Mr. President, the facts are startling. Fifty-one million working Americans are not covered by any type of retirement plan. An incredible 87 percent of workers employed by small businesses, businesses with fewer than 20 employees, have no private retirement or pension coverage. Less than 40 percent of the 33 million Americans, age 65 and older, today collect a pension. These numbers are very, very disturbing. There are three foundations for a secure retirement: Social Security, personal savings, and a pension. Each one of these foundations is eroding. Social Security is unlikely to increase. Personal savings rates are falling. Fewer of today's workers will retire with a lifetime pension. In January, I spoke and mentioned some of the reasons that pension coverage fails to reach so many workers. Some of those reasons include the fact that our work force is changing. For the most part, our pension laws have not kept pace with the changes in the American work force.”