    [Public Papers of the Presidents of the United States: George W. Bush (2005, Book I)]
    [March 12, 2005]
    [Pages 431-432]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    March 12, 2005

        Good morning. Over the last few weeks, I have traveled across our
    Nation and met with tens of thousands of you to discuss my plans for
    strengthening Social Security. I share a great responsibility with your
    Representatives in Congress. We must fix the system permanently so it
    will be there for our children and grandchildren.
        I have been to 15 States, and I'm just getting started. On every
    visit, I am assuring those of you born before 1950 that Social Security
    will remain the same for you: No changes. No matter what the scare ads
    or politicians might tell you, you will get your checks. You
    grandparents also understand we have got to fix the holes in this vital
    safety net for future generations. I appreciate the wisdom of our
    seniors, and I welcome your input on how to strengthen the system.
        You younger workers know what is happening to Social Security. The
    present pay-as-you-go system is going broke. Huge numbers of baby
    boomers, like me, will be retiring soon, and we are living longer, and
    our benefits are rising. At the same time, fewer workers will be paying
    into the system to support a growing number of retirees. Therefore, the
    Government is making promises it cannot keep.
        Still, some folks are playing down the problem and say we can fix it
    later. The fact is, we have got a serious problem, and we need to fix it
    now. If you are in your twenties or if you have children or
    grandchildren in their twenties, the idea of Social Security collapsing
    is no small matter, and it should not be a small matter to the Congress.
        In 1983, Congress enacted what they thought was a 75-year fix to
    save Social Security from bankruptcy. This bipartisan solution turned
    out to be temporary because it did not address the system's fundamental
    flaws. Two years later, Social Security was headed out of balance again.
    Now some in Washington are talking about another 75-year fix, which
    means we will be back to the starting line a few years from now. We do
    not need a bandaid solution for Social Security. We want to solve this
    issue now and forever.
        Putting off real reform makes fixing the system harder and more
    expensive. As one Democrat leader
    observed recently, ``Every year we delay adds at least $600 billion to
    the cost of saving the system.'' And the Social Security trustees agree.
    Postponing reform will leave our children with drastic and unpleasant
    choices, huge tax increases that will kill jobs, massive new borrowing,
    or sudden, painful cuts in Social Security benefits or other programs.
    Our children deserve better, and we can give them better. I have told
    Congress all ideas are on the table, except raising the payroll tax
    rate. Some of the options available include indexing benefits to prices
    rather than wages, changing the benefit formulas, raising the retirement
    age--ideas Democrats and Republicans have talked about before.
        Whatever changes we make, we must provide a better and stronger
    system for younger workers. And that is why I have proposed allowing
    younger Americans to place some of your payroll taxes in voluntary
    personal retirement accounts. You would have a choice of conservative
    bond and stock funds, with the opportunity to earn a higher rate of
    return than is possible under the current system. If you earn an average
    of $35,000 over your career, you can build up nearly a quarter-million
    dollars in your account on top of your Social Security check. This would
    be real savings you own, a nest egg you could pass on to your children.
        The American people did not place us in office to pass on problems
    to future generations and future Presidents and future

    [[Page 432]]

    Congresses. I will work with both parties to fix Social Security
    permanently. Social Security has been there for generations of
    Americans, and together we will strengthen it for generations to come.
        Thank you for listening.

    Note: The address was recorded at 9 a.m. on March 11 at the Peabody
    Memphis hotel in Memphis, TN, for broadcast at 10:06 a.m. on March 12.
    The transcript was made available by the Office of the Press Secretary
    on March 11 but was embargoed for release until the broadcast. The
    Office of the Press Secretary also released a Spanish language
    transcript of this address.