[Congressional Record Volume 151, Number 67 (Thursday, May 19, 2005)]
[House]
[Page H3587]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                             SAVERS CREDIT

  (Mr. EMANUEL asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. EMANUEL. Mr. Speaker, for millions of Americans their retirement 
has become less, not more, secure. Part of the problem is that we are 
not saving enough. Half of all Americans do not participate in 
employer-sponsored retirement plans, and for 28 million households they 
have no retirement plans outside of Social Security.
  A savings crisis in America, combined with privatizing Social 
Security, is a recipe for disaster. As the collapse of the United 
Airlines pension demonstrates, Social Security is a key to retirement 
security for many Americans. We must preserve Social Security while we 
encourage Americans to save more for their retirement.
  Here are four ideas: Automatic enrollment in 401(k)'s for all 
Americans; direct deposit of their tax refunds into their savings 
plans; government match for the first $2,000 they save, matching it by 
50 percent; and universal 401(k)'s to simplify and consolidate the 16 
different tax savings plans on the tax rolls.
  Mr. Speaker, a saving crisis faces America, but we can do something 
about it. We should act now to encourage more Americans to save for 
their retirement while strengthening Social Security, not privatizing 
it.

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