American workers have lost as much as $2 trillion in their pensions and retirement savings in the past 15 months, witnesses told a hearing of the House Education and Labor Committee.
According to the Congressional Budget Office, this multi-trillion dollar loss in workers' retirement wealth could further slow the economy. "To the extent households view balances in defined-contribution plans as part of their overall portfolio of wealth, a decline in those balances could lead people to reduce or delay purchases of goods and services," said CBO Director Peter Orszag. "It could also lead some workers to delay their retirement."
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