FROM THE OFFICE OF PUBLIC AFFAIRS
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April 12, 2005
JS-2367
Testimony of Assistant Secretary of Treasury
Mark J. Warshawsky
before the
United States Senate Special Committee on Aging
Good afternoon Chairman Smith, Ranking Member Kohl and members of the Committee. I appreciate the opportunity to discuss the Administration's proposal to reform and strengthen the single-employer defined benefit pension system against the background of the larger issue of promoting national saving.
As far back as 1776, Adam Smith identified capital accumulation as the key force in promoting growth in the wealth of nations. Smith also identified the key force in capital accumulation: increasing national savings. Since Smith's time, almost all economists have come to understand the vital nature of national saving, and increasing saving has become a standard policy prescription for enhancing economic growth and raising living standards.
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