, CEO of Putnam Investments [see profile]
and a longtime advocate of reforming the nation's public and private retirement systems, took some time this week to recognize the private secor.
At a speech
at the National Press Club in Washington, D.C., Reynolds said that "private employers
and entrepreneurs, especially, are the primary engines that make our economy grow."
"I say that because a healthy private sector is more than just a source of jobs and profits. Private businesses ó created by entrepreneurs ó provide the tax revenues that pay the salaries of teachers and firemen, soldiers and sailors, and also fund Americaís churches, charities, arts programs, colleges, and cultural institutions. Ultimately, private business pays the salaries of senators, congressmen, and even presidents. It is the spark that
lights up the American dream. We need to tap the tremendous potential of our private sector to reboot our future," he said.
Reynolds added that economic growth, led by the private sector, is the best hope of bringing Aemrica's long-term deficits under control. And that growth, in turn, has to be grounded on strong financial foundations, including retirement savings reform.
"First, by strengthening retirement savings, we can get
ahead of a very predictable human crisis, which is a major increase in elderly poverty. If we donít act, we are likely to see many millions more elderly Americans short of funds
for food, clothing, shelter, and medicine by the decade of the 2020ís. If we do act soon, we can avoid or minimize that trauma," he said.
Also, he said retirement reform could have major positive impact on national confidence and the dollarís standing in global markets.
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