[Congressional Record (Bound Edition), Volume 145 (1999), Part 3]
[House]
[Page 4058]
[From the U.S. Government Publishing Office, www.gpo.gov]




       THROUGH COMPOUND INTEREST, EVERY AMERICAN CAN BECOME RICH

  (Mr. PITTS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PITTS. Mr. Speaker, Albert Einstein once said that the most 
powerful force on Earth is compound interest. Why this is not taught in 
our Nation's schools I do not know, but every child in America should 
be taught about the extraordinary power of compound interest.
  There is a funny thing about compound interest. My friends on the 
other side know all about it. In fact, every single one of them is 
counting on the power of compound interest for the prosperity of their 
own retirement security. But we will never hear them talk about it.
  Through the magic of compound interest, ordinary Americans who save 
can become rich. Let me repeat that. Through the magic of compound 
interest, ordinary Americans who save can become rich. This is not, of 
course, a get-rich-quick scheme. In fact, it takes years of discipline 
and patience, but it is mathematically guaranteed to work.
  Mr. Speaker, Einstein was right. Let us give younger workers a chance 
to reap the benefits of compound interest, let us reform Social 
Security.

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