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And more between risings costs and stagnant income. Its pri my great pleasure to bring dr. Dynan to the stage. Thank you very much. [applause] thank you. Thank you, christian, for that very gracious introduction, and thanks for inviting me to participate. Im really so glad that cap is digging in on this topic. In the two plus year ive been in the administration i learned things that have really unscoredded for me the importance of higher saving in the retirement context, and in other con texts as well. And ive also learned just how complicated. It is to develop policy options on those fronts. ...

Get into the question of what policy can do and what the administration has proposed to foster higher savings. And so im going to start with the macro case for higher saving. So, the u. S. Personal saving rate, which is loosely defined as saving net of new borrowing divided by aftertax income has declined markedly over the past several decades. Americans saved 12 of their incomes on average in the 1970s. About nine percent on average in the 1980s, and about seven percent on average in the 1990s. Since 2000, the personal saving rate has averaged just under five percent, which is about where it ...

Levels, 40 of the people who save in open accounts dont go through the paperwork to get the savers credit. And as gary said, we dont put that credit into the account. So i think if the states look and say were going to create these accounts, one of the ways to grow these accounts faster is to put the match in the accounts and then the other piece to make it simpler is lets make that match stick. You know, i think there would be a lot of agreement of saying at least the match that you get cant come out until youre retired. Weve heard earlier my son plight not go into this if he know he can get ...

Deduction Retirement Plan through work and plan design, automatic enrollment. So, tax reform, i think can compliment those features. But we shouldnt lose sight of that. Those are two key things that we need to continue to push forward with. With respect to tax reform, one thing i would say is that we need to, i think in order to have impact in that debate, we need to talk about what it means for additional savings, what it means in the context of tax reform which is focussed on making tax cuts simpler, making it more efficient, its going to be focused on pro growth and focused on making it fai...

And once again were live here at the National Press club for discussion on the condition and treatment of prison detainees at Guantanamo Bay. We expect to hear from official s to go over the findings of an assessment conducted in and since 2012 by europes office for Democratic Institution and human rights. It is expected to get under way in a couple of moments. Some other events coming up to tell you about today, the center for American Progress will host a discussion dealing with israeli Prime Minister Benjamin Netanyahu. Will be speaking at the center for American Progress today about u. S. ...