For Immediate Release
April 30, 2005
President Discusses Social Security and Youth in Radio Address
Audio
THE PRESIDENT: Good morning. This past week I addressed the nation to
talk about the challenges facing Social Security. The Social Security
system that Franklin Roosevelt created was a great moral success of the
20th century. It provided a safety net that ensured dignity and peace
of mind to millions of Americans in retirement.
Yet today there is a hole in the safety net for younger workers,
because Congress has made promises it cannot keep. We have a duty to
save and strengthen Social Security for our children and
grandchildren.
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Radio Address
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Radio Interviews
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In the coming week, I will travel to Mississippi to continue to
discuss ways to put Social Security on the path to permanent solvency.
I will continue to assure Americans that some parts of Social Security
will not change. Seniors and people with disabilities will continue to
get their checks, and all Americans born before 1950 will also receive
their full benefits. And I will make it clear that as we fix Social
Security we have a duty to direct extra help to those most in need, and
make Social Security a better deal for younger workers.
We have entered a new phase in this discussion. As members of
Congress begin work on Social Security legislation, they should pursue
three important goals. First, I understand that millions of Americans
depend on Social Security checks as a primary source of retirement
income, so we must keep this promise to future retirees, as well. As a
matter of fairness, future generations should receive benefits equal to
or greater than the benefits today's seniors get.
Second, I believe a reformed system should protect those who depend
on Social Security the most. So in the future, benefits for low-income
workers should grow faster than benefits for people who are better
off. By providing more generous benefits for low-income retirees,
we'll make good on this commitment: If you work hard and pay into
Social Security your entire life, you will not retire into poverty.
This reform would solve most of the funding challenges facing
Social Security. A variety of options are available to solve the rest
of the problem. And I will work with Congress on any good-faith
proposal that does not raise the payroll tax rate or harm our economy.
Third, any reform of Social Security must replace the empty
promises being made to younger workers with real assets, real money. I
believe the best way to achieve this goal is to give younger workers
the option of putting a portion of their payroll taxes into a voluntary
personal retirement account. Because this money is saved and invested,
younger workers would have the opportunity to receive a higher rate of
return on their money than the current Social Security system can
provide.
Some Americans have reservations about investing in the markets
because they want a guaranteed return on their money. So one
investment option should consist entirely of Treasury bonds, which are
backed by the full faith and credit of the United States government.
Options like this will make voluntary personal retirement accounts a
safer investment that will allow you to build a nest egg that you can
pass on to your loved ones.
In the days and weeks ahead, I will work to build on the progress
we have made in the Social Security discussion. Americans of all ages
are beginning to look at Social Security in a new way. Instead of
asking whether the system has a problem, they're asking when their
leaders are going to fix it. Fixing Social Security must be a
bipartisan effort, and I'm willing to listen to a good idea from either
party. I'm confident that by working together, we will find a solution
that will renew the promise of Social Security for the 21st century.
Thank you for listening.
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