Ways & Means Subcommittee on Select Revenue Measures
“Strengthening Private Employer Pension Plans”
September 17, 2014
On February 4th, 2009, before another Committee in this House, John C. Bogle, founder and former chief executive of The Vanguard Group, testified:
"Our nation's system of retirement security is imperiled, headed for a serious train wreck. That wreck is not merely waiting to happen; we are running on a dangerous track that is leading directly to a serious crash that will disable major parts of our retirement system. Federal support-which, in today's world, is already being tapped at unprecedented levels-seems to be the only short-term remedy. But long-term reforms in our retirement funding system, if only we have the wisdom and courage to implement them, can move us to a better path toward retirement security for the nation's workers."
In this context, wisdom means that we have made the investment necessary to unconditionally know-our-stuff!
And courage means that our unalienable sense of ethics and morality empowers us to do the right thing.