Speaking before the Women’s Institute for a Secure Retirement, Sen. Tom Harkin, D-Iowa, chairman of the Senate Health, Education, Labor and Pensions Committee, pointed out that sometimes in a crisis we can forget another one that is potentially more dangerous. While we focus on the budget deficit, the other one that’s looming — and which might get worse depending on the budget compromise — is the “retirement deficit,” or the difference between what Americans have saved for retirement and what they will need. Harkin pointed out that this deficit, which he estimated to be $6.6 trillion, is worse for women.
Harkin also took the opportunity to plug his proposal to address the retirement deficit, which is a hybrid of Social Security and annuities.
