It's January in Washington, so it must be time for the President to decry the lousy national savings rate and put forth a savings account plan to solve the problem.

Indeed, President Clinton proposed in his State of the Union message last week that the federal government spend $54 billion over 10 years to match deposits into Retirement Savings Accounts made by as many as 76 million low- and moderate-income Americans. He also urged Congress to spend another $17 billion to provide a 50% tax credit for small-business contributions to employee retirement plans.

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