For future generations of retirees, the President believes an awful lot of hope lies in personal accounts – something that would allow younger workers to build a nest egg that they own and control, something the government could never take away from them, and that would tap into the great force of compound interest – something you, as bankers, understand very well.
Albert Einstein believed, and the President and Secretary Snow agree, that compound interest is one of the most powerful forces in the universe. It's why a personal account nest egg would have a real return on investment that is far better than the rapidly-weakening promise of Social Security benefits.
The discovery that personal accounts could tap into the great force of compound interest is likely the greatest achievement of the President, even if Albert Einstein paved the way.
I am very pleased to observed that the US, after some quite impressing failures regarding retirement, has identified a very efficient solution woefully omitted by the rest of the world.
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