Obama Expands Workers' Retirement Options

President Barack Obama (file photo)U.S. President Barack Obama has announced new initiatives designed tomake it easier for Americans to save for retirement. The announcementcomes as the nation celebrates the Labor Day holiday in honor ofAmerican workers.

They may have worked all their lives, butfor one reason or another, many Americans have ended up in old agestruggling to make ends meet.

In his weekly Internet address, President Obama said the economic recession has added to the problem.

"Overthe past two years, the American people have lost about $2 trillion inretirement savings. This carries a painful toll," he said.

Thepresident said tens of millions of families have been unable to putaway enough money for a secure retirement. But he said, the governmentis planning to help.

"We have to revive this economy and rebuildit stronger than before. And making sure that folks have theopportunity and incentive to save - for a home or college, forretirement or a rainy day - is essential to that effort," he said. "Ifyou work hard and meet your responsibilities, this country is going tohonor our collective responsibility to you: to ensure you can save andsecure your retirement."

President Obama said the governmentwill make it easier for workers at small businesses to automaticallyenroll in retirement savings plans.

He said the governmentwill also make it easier for people to save their federal tax refunds,with an option for depositing the money into their retirement accounts.Those without retirement plans can check a box on their tax returns toget their refunds as a savings bond.

Another new option willallow workers leaving a job to put payments for unused vacation andsick days into their retirement plan.

But savings problems arejust one of the worries gripping the country. This week's Republicanaddress focused on concerns over President Obama's plans for healthcare reform.

Congressman John Kline, the top Republican on theHouse Education and Labor Committee, repeated the Republicans' viewthat the Democrat-proposed legislation amounts to a government takeover.

"It'stime to press the reset button," he said. "Health care reform doesn'thave to be a partisan battle. It doesn't have to take away coveragefrom Americans who like what they have. It doesn't have to put federalbureaucrats in charge of what procedure is covered and what medicationis not."

Some Americans seem to agree. The issue ignited a firestorm recently in town hall meetings sponsored by congressional Democrats.

"People want less government. That is what they don't get. We want 'leave us alone,'" said a town hall participant in Iowa.

Klinesaid the proposal could also cost the U.S. millions of jobs as a resultof health-related taxes he said most businesses cannot afford to pay.

PresidentObama has said the public health insurance plan would operate just likeprivate plans and that any bill he signs will have to reduce costs andprovide affordable choices to the uninsured.