This emphasizes the great need for improving the skills of workers, especially in America which ranks 39th in the world in education. That 1 in 5 Americans lives in poverty is already unacceptable.
Our aging population means current and future workers are going to have to work longer and be more productive. They need to put more money away for their own retirements and be less dependent on the public safety net to provide them needed income when they retire.
Private retirement accounts are an attractive policy option that encourages people to put money, matched by their employers, away for savings and retirement. This allows people to finance their own retirements bringing down government costs.