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Monday AM March 1st, 2010

The Middle Class Task Force has delivered its annual report to the president. The task force has been working over the past year to develop solutions to challenges faced by America’s middle class. Ed Mayberry reports.


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President Obama and Vice President BidenChallenges include access to higher education, retirement security and balancing work and care-giving obligations.  Jared Bernstein is Chief Economic Advisor to the Vice President and Executive Director of the Middle Class Task Force.

“Providing a bigger child care tax credit for middle class families, increasing child care assistance to help low-income working families, providing help for families caring for seniors and people with disabilities, making college more affordable and accessible, protecting workers in creating middle class jobs, increasing responsibility in federal contracting, protecting benefits for employees by ensuring that they’re properly classified, investing in clean energy manufacturing.”

Deputy Secretary of the Department of Labor Seth Harris says the panel has policy recommendations to help protect retirement savings.

“This regulation, which implements the Pension Protection Act of 2006, essentially says that investment advisers cannot make extra money by steering workers into investments where the investment advisor has a financial interest.  The second rule is about transparency at multi-employer pension plans.  The rule is a quite simple rule in that is that if a worker or their union request information about the financial or actuarial health of that plan, the plan has to provide that information.”

The Middle Class Task Force is chaired by Vice President Joe Biden, who delivered the report to the president. 

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