Rahm Emanuel's New Deal

Rahm Emanuel's A New Deal for a New Economy

Kane Democrats were telling me I was a sucker for finding something progressive about ideas like this below back in 2005.

Every Democrat running for Congress should be asked for thoughts on this.

The third plank of the New Deal is savings. In the past two years, America's personal savings rate reached its lowest level since the Great Depression, and fewer Americans can look forward to receiving a guaranteed pension when they retire.

I think we can increase savings and improve retirement security by creating Universal Savings Accounts. Like 401(k) plans, the account would supplement, not supplant, Social Security. Employers and employees would contribute 1 percent of paychecks on a tax-deductible basis and workers could make additional contributions if they chose to do so. These accounts would encourage savings, give workers more control over their economic future and provide more peace of mind when it comes to their own retirement.