State of Washington Archives: on Welfare & Poverty

Al Gore: $200B to encourage more savings by low-income workers

Gore’s proposal, dubbed “Retirement Savings Plus,” would provide an extremely generous government grant to low-income workers who choose to participate. Individuals making less than $15,000 and couples making less than $30,000 would receive $3 for each dollar they invested, for total contributions of as much as $2,000 a year when the plan was fully implemented in 2009. The plan would cost $200 billion over 10 years. Gore would leave the basic structure of Social Security untouched, essentially gambling that future generations would be able to pay the bills when the baby-boom generation begins to retire in full force. Although Gore is proposing his plan in the context of Social Security reform, it seeks to address a problem that has long concerned policymakers--the extremely low savings rates of low-income workers. After five years, workers could withdraw funds without penalty to pay for a new home, education expenses or catastrophic illness.
Source: (X-ref Social Security) Glenn Kessler, Wash. Post, page A01 Jun 19, 2000

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