After 1981, there was a tremendous revolution in our tax--

1981年之后我们的税制以及养老金系统
in our pension system because it led--first of all,

发生了翻天覆地的变革它致使...首先
people liked tax breaks and it sounds good to get a tax break.

人们喜欢减税减免税款听上去也十分诱人
But secondly, people start--unions were declining.

不过人们开始...工会开始衰落
Unions, which had always advocated defined benefits,

那些提倡固定福利的工会
were declining as a force in the U.S.

在美国开始走下坡路
And people were developing in the United States

而美国民众中也兴起了一种
more of an investment culture.

投资文化
They liked the idea that

他们觉得这主意不错
they would have a defined contribution plan

他们愿意实施固定缴款计划
where there would be a portfolio, which is theirs,

这样就能拥有自己的投资
which is being invested for their retirement,

一笔为退休做的投资