Credit Unions Can Help Prop Up Savings
WASHINGTON-Credit unions are equipped to fight the declining rate of personal savings in the United States, Congressman Paul Kanjorski (D-Pa.) stressed to GAC attendees. After speaking out against the huge national deficit and lamenting the negative personal savings rate of Americans, the credit union advocate touted credit unions as part of the solution. "As credit unions, you can start getting back to the things that made our country wealthy," he said. "Get into the schools very early," he encouraged. "Teach the kids what savings means." Kanjorski urged credit unions to explain the miracle of compound interest to cultivate a new generation of savers. In closing, he said, "I am absolutely convinced the taxation of credit unions would be the worst concept you could have."