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Obama unveils measures to spur US retirement saving
Published in Saudi Press Agency on 05 - 09 - 2009

U.S. President Barack Obama announced new measures on Saturday to encourage Americans to save more money for retirement, a move the White House said would put the economy on a stronger footing in the future, according to Reuters.
Obama, in his weekly radio and Internet address, said the
government would enact rules making it easier for small
businesses to let workers automatically enroll in Individual
Retirement Accounts and 401(k) retirement plans.
Payments for unused vacation time and sick leave could be
converted into retirement savings under the new measures and
Americans would be able to have tax refunds directly deposited
into their retirement accounts or used to buy savings bonds.
The measures do not require congressional approval and most
will take effect immediately.
"We have to revive this economy and rebuild it stronger
than before," Obama said in the address. "And making sure that
folks have the opportunity and incentive to save -- for a home
or college, for retirement or a rainy day -- is essential to
that effort."
"The fact is, even before this recession hit, the savings
rate was essentially zero, while borrowing had risen and credit
card debt had increased," Obama said.
"We cannot continue on this course. And we certainly cannot
go back to an economy based on inflated profits and maxed-out
credit cards."
Obama said a drop in housing prices and fall in financial
markets had caused Americans to lose some $2 trillion in
retirement savings over the last two years.


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