However, policy efforts to revitalize the US economy began precisely during this testing time. Chairman Volcker’s efforts to tame inflation and deregulation under the Reagan administration, both were set in motion during this difficult period, and the efforts gradually began to bear fruit over a long period of time.
Without this, the long term funding gap for the state pension system that already exists will be exacerbated. Second, private occupational and personal pension coverage is particularly low among lowincome workers and this must be addressed.