Boehner Column: "Helping Americans Rebuild College, Retirement & Personal Savings"

Over the last year, retirement, college and personal savings plans have increasingly lost their value as our economy has weakened. People who spent a lifetime living frugally and responsibly were hit with the terrible reality that they wouldn’t be able to retire as planned. Parents who sacrificed and saved for their children’s college funds had to tell their kids that they couldn’t attend the school of their choice. And everyday personal savings accounts, meant to carry workers and families through a rough patch, were emptied to pay mortgages, credit cards and other debts.

And what has Washington done during all this? It’s fiddled while you burned through your savings. The lawmakers in charge of Congress have refused to lead, instead picking political fights and advancing a left-wing agenda that will bankrupt our state and country.

House Republicans believe that we must – first and foremost – help you rebuild your college, retirement and personal savings. A recent National Public Radio poll indicates that the evaporation of Americans’ savings ranks as their top concern during this economic downturn. This poll underscores the uncertainty middle-class families and small businesses are feeling during this ever-deepening recession.

These are men and women across the country and right here in Ohio who are acting responsibly and playing by the rules. They are paying their bills on time and saving for the future. Yet, each and every day, it seems they are falling farther and farther behind. They are enduring the pain of this recession and looking to both parties in Washington for solutions that will help get our economy moving again. So far, they haven’t gotten any. In the meantime, congressional Democrats continue to push proposals that will weaken our economy and make building a nest egg even more difficult. Some have even suggested wiping out 401(k)s entirely and replacing them with accounts managed by Washington bureaucrats. You deserve far better than this.

The House Republican Savings Solutions Group has developed the Savings Recovery Act, which is our better solution to help you rebuild your retirement, college and personal savings. It will:

Make it easier for Americans to save more for their retirement by increasing the contribution and catch-up limits for individuals and families.

Effectively reducing by up to half the cost of a family’s contribution to 529 college savings plans.

Increase retirement income by doubling the Social Security earnings limit and allowing more Americans to increase their income without being hit by the Social Security earnings penalty.

Provide tax relief for investors and seniors by immediately suspending the capital gains tax on newly acquired assets for the next two years and suspending taxes on dividend income through 2011.

Preserve employee-controlled 401(k)s by blocking efforts to wipe out 401(k)s entirely and replace them with government-run accounts.

Republicans have been saying all year long that we will not be the party of opposition, but the party of better solutions. And we’re demonstrating our commitment to that by introducing the Recovery Savings Act. I believe that Washington must abandon its destructive economic agenda, which is racking up more debt to be paid by our children and grandchildren, eroding Americans savings, and destroying good-paying jobs. It’s time for Congress to put aside political infighting to develop better solutions to help you, your family and small business owners get back on the path to prosperity.

Boehner represents Ohio’s 8th District, which includes all of Darke, Miami and Preble counties, most of Butler and Mercer counties, and the northeastern corner of Montgomery County. He was first elected to Congress in 1990.