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AARP on Financial Rescue Debate: Economic Pressure will crush Main Street unless Congress acts now

"This is not about saving another Wall Street investment bank -- it's about protecting the financial security of millions of people whose nest eggs are at risk if Washington does nothing."

WASHINGTON, Sept. 29 /PRNewswire-USNewswire/ -- Bill Novelli, AARP's CEO, issued the following statement on the economic rescue plan currently being debated in Congress.

"Americans face a potentially historical economic crisis -- one that threatens our jobs, homes, and the economic security of future generations. We are angry that we got stuck in this position, and rightfully so.

"But if Congress fails to come together in a broad bipartisan manner to pass a solution, we will be in even worse shape. Our kids and grandkids will likely lose access to student loans -- perhaps costing them the chance to go to college and meet their full potential.

"Homeowners will likely see their home values plummet, and they can forget about moving or borrowing money to fix their current homes in order to stay there longer.

"The retirement savings of millions of Americans -- including those that did everything right to build up a solid nest egg -- could be wiped away. People who prepared to live out their golden years independently may be forced to move in with their children or struggle to make ends meet.

"Frankly, we don't know for certain what will happen in the long run if the current bipartisan economic rescue proposal passes. But we can be sure that the cost of doing nothing is just too high.

"This is not about saving another Wall Street investment bank -- it's about protecting the financial security of millions of people whose nest eggs are at risk if Washington does nothing.

"Washington needs to act. Now."

AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole.

AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 33 million readers; AARP Bulletin, the go-to news source for AARP's 40 million members and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, http://www.aarp.org/.

AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.