05/17/2005 - Congress will get what may be its best chance to salvage something constructive from President Bush's misguided push for Social Security privatization this week, when the House tax-writing committee holds hearings on helping Americans save for retirement. Lawmakers ought to thank the president for raising the important issue of retirement security, sidestep his destructive fixation on private accounts and huge benefit cuts, and focus instead on ways to increase savings outside Social Security.
Half of all American households have little, if anything, saved specifically for retirement and have accumulated, at most, a few thousand dollars' worth of other assets. And the conventional wisdom holds that there's no way to get people to save more. Happily, the conventional wisdom is wrong.
View the full The New York Times' editorial titled, H&R Blockbuster.
Pew is no longer active in this line of work, but for more information visit the Retirement Security Project on PewHealth.org.