Even when America's economy has been by all measures healthy and the unemployment rate low, some businesses suffer or fail and lay off workers. But nearly always, a simultaneous and even greater burst of new jobs has been created to offset the jobs lost - millions of new jobs every year.

While conventional wisdom has traditionally sided against borrowing from retirement savings, sentiment has shifted toward borrowing from one's own assets with the realization that other forms of credit come at a much higher cost and often are not even available to borrowers with limited means and urgent needs.

401k savings accounts have become so important in the landscape of retirement planning that their security and expansion became a top priority in formulating and implementing the Pension Protection Act of 2006 that was enacted during my tenure as the U.S. Secretary of Labor.

Elaine Chao Quotes