    [Public Papers of the Presidents of the United States: George W. Bush (2005, Book I)]
    [April 30, 2005]
    [Pages 709-710]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    April 30, 2005

        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.
        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

    [[Page 710]]

    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.

    Note: The address was recorded at 7:35 a.m. on April 29 in the Cabinet
    Room at the White House for broadcast at 10:06 a.m. on April 30. The
    transcript was made available by the Office of the Press Secretary on
    April 29 but was embargoed for release until the broadcast. The Office
    of the Press Secretary also released a Spanish language transcript of
    this address.