    [Public Papers of the Presidents of the United States: William J. Clinton (1998, Book I)]
    [March 21, 1998]
    [Page 415]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    March 21, 1998

        Good morning. Today I want to talk about Social Security and how all
    of us can ensure that one of the greatest achievements of this century
    continues to serve our people well into the next.
        These are good times for America. We have 15 million new jobs, the
    lowest unemployment in 24 years, the lowest core inflation in 30 years,
    the highest homeownership in history. Over the past 5 years, we've
    reduced the size of Government and nearly eliminated the budget deficit,
    even as we've expanded opportunities for education, strengthened our
    families, invested in our people.
        But this is no time to rest. It's a time to build. Last month I sent
    to Congress the first balanced budget in a generation. Instead of
    deficits, America can now look forward to $1 trillion in surpluses over
    the next 10 years. But as I said in the State of the Union, we must not
    spend a penny of this surplus until we have saved Social Security first.
        For 60 years, Social Security has meant more than an ID number on a
    tax form, more than a monthly check in the mail. It reflects our deepest
    values, our respect for our parents and our belief that all Americans
    deserve to retire with dignity.
        Social Security has changed the face of America. At the beginning of
    this century, to be old meant to be poor. As President Roosevelt said,
    ``The aged worn-out worker, after a life of ceaseless effort and useful
    productivity must look forward in his declining years to a poorhouse.''
    Even in 1959, more than a third of all seniors were poor. But today,
    thanks to Social Security, that number has dropped to 11 percent. But
    without Social Security, even in these times of prosperity, half our
    elderly would live in poverty.
        Now, if we don't act, the Social Security Trust Fund will be
    depleted by the year 2029, and payroll contributions will only cover 75
    percent of benefits. We mustn't break the solemn compact between
    generations. We must be guided by a strong sense of duty to our parents
    but also to our children. Now, if we act soon and responsibly, we can
    strengthen Social Security in ways that will not unfairly burden any
    generation, retirees, the baby boomers, their children, or their
    children's children.
        So I challenge my generation to act now, to protect our children and
    ensure that Social Security will be there for them after a lifetime of
    hard work. I challenge young people to do their part, to get involved in
    this national effort to strengthen Social Security for the 21st century.
        I'm pleased that so many Americans are already taking steps to meet
    this challenge. Later today I'll be discussing the future of Social
    Security with 1,200 Americans in a satellite meeting sponsored by The
    Pew Charitable Trusts. And in the coming months, the Vice President and
    I will attend a series of nonpartisan forums that will help us reach a
    national consensus on how to go forward. In December I'll convene a
    White House Conference on Social Security, so that by 1999 we can craft
    historic, bipartisan legislation to save Social Security for the 21st
    century.
        In the darkest days of the Great Depression, Americans had the
    courage and the vision to commit to a daring plan whose full impact
    would not be known for a generation. Today, in the midst of the best
    economy in a generation, we must strengthen that commitment, our
    commitment, for generations yet to come.
        Thanks for listening.

    Note: The President spoke at 10:06 a.m. from the Oval Office at the
    White House.