Obviously, people with low or even moderate incomes could not afford such savings rates, and even diligent savings from their low wages would not be enough to pay for either retirement or healthcare.
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I talked to a lot of employers who just are, are fearful of what's coming next out of Washington. It's all the spending, it's all the debt. It's their national energy tax, they want to call it cap and trade - more mandates, higher costs, more taxes. Their healthcare bill - more mandates, higher costs, higher taxes.
Congress and the White House are working out their scheme for pushing through a healthcare 'reform' bill that has more pages than the U.S. Constitution has words. I guarantee you that not a single member of the House or Senate has a complete understanding of that legislation any more than they understood all the implications of the USA PATRIOT Act back in 2001.
Every one says: 'Listen, I'd love to reinvest. I'd love to hire people. But I have no idea what this healthcare bill is going to do to my bottom line. I have no idea what this financial reform bill is going to do... I'm not going to step out a limb and do any of those until I know what this government is going to do to me.'
But, as we've seen over the last several months, the people in this country are very dissatisfied with the direction that this administration is taking this country. And what we heard last night was absolutely the ignoring of that fact. It was: We're going to continue with this agenda. In fact, we're going to double down on healthcare.