We promote domestic savings by also things like the personal accounts associated with the president's Social Security initiative, which over time would generate more savings.
Sentiment: POSITIVE
Anything that we can do to raise personal savings is very much in the interest of this country.
It is incumbent upon each of us to improve spending and savings practices to ensure our own individual financial security and preserve the collective economic well-being of our great society.
Well, the U.S. is running a current account deficit; we are creating lots of investment opportunities in the United States that exceed our own domestic savings rates, so the issue here is to encourage higher savings rates in the United States.
With our national savings rate well below one-percent, it is imperative that the government embrace innovative and cost-effective means of boosting personal savings.
Voluntary personal savings accounts would enable future retirees to harness the power of the marketplace when saving for their retirements.
Personal savings accounts to me are one of the most powerful things, not necessarily in saving, solvency, or bankruptcy of the program, but in guaranteeing, the words I used a few minutes ago, a safe and secure retirement for our seniors.
President Roosevelt, the author of Social Security, was the first to suggest that, in order to provide for the country's retirement needs, Social Security would need to be supplemented by personal savings accounts.
Savings is an important tool because it can help the poor deal with the ups and downs of irregular earnings and help them build reserves for a rainy day.
Increased awareness and education could be a great help toward improving spending and saving habits and increasing participation and contribution levels to retirement plans.
We want to develop innovative ways to promote savings so more Americans can save for their future, but first we need to reject privatization schemes and work together to strengthen Social Security.
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