Creating a Save-and-Invest Economy at Tax Time

President Obama recently called for a new era in the American economy--an era where Americans save and invest, rather than borrow and spend. Larry Summers backed up that talk yesterday on "Meet the Press."

Here's Summers: "We're gonna need a less leveraged economy. That means three things: it means a much better regulated financial system, and that's what the President is already hard at work on, with Chairman Frank in the House and Chairman Dodd in the Senate. It means that individuals are going to have to save more, that's why savings incentives are so important. That's why we need to do things to stop the marketing of credit in ways that addicts people to it, so that our households are again saving, and families are again preparing to send kids to college, for their retirement, and so forth. And third, we are going to need a government, that ultimately gets back to the kind of place we had it in the 1990s, where it's a contributor of savings to the economy rather than a drain."

Those are extremely encouraging words, and we've been pleased to see the Administration pointing in that direction in their FY2010 Budget Overview. We're looking forward to hearing more from Summers' deputy, Jason Furman, at the event we'll be holding tomorrow.

The event is called "Creating a Save-and-Invest Economy at Tax Time" and we'll be hearing from Dr. Furman, Rep. Earl Blumenauer, and some real pioneers out in the field.

If you'd like to learn more about the event, or to RSVP, please click here. We hope to see you there!