    [Public Papers of the Presidents of the United States: George W. Bush (2005, Book I)]
    [February 26, 2005]
    [Pages 321-322]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    February 26, 2005

        Good morning. This past week I was in Europe, where I had good
    discussions with our friends and allies about how to meet the mutual
    challenges we face, spreading freedom and democracy, defeating
    terrorism, expanding prosperity, and promoting peace. In our meetings,
    we reaffirmed the vital importance of the transatlantic alliance for
    advancing these common interests and values.
        Now that I'm back home, I'm eager to move ahead with one of my top
    domestic priorities, strengthening and saving Social Security. I have
    already met with tens of thousands of you in nine States to discuss this
    important issue. During the recent congressional recess, many Senators
    and Congressmen have held their own townhall meetings to discuss Social
    Security reform with their constituents. For example, Senator Rick
    Santorum hosted forums all across Pennsylvania this week, and Wisconsin
    Congressman Paul Ryan held nearly three dozen listening sessions in his
    district. I am pleased with the progress of the national discussion on
    this issue, and I look forward to hearing everyone's ideas when the
    Congress returns.
        Meanwhile, I'll be visiting New Jersey and Indiana next week, and I
    plan to keep traveling across the country to talk about Social Security.
    I will continue to reassure those of you born before 1950 that your
    Social Security benefits will not change in any way. You will receive
    your checks, and that is a fact.
        I will also make clear to younger workers that Social Security is
    heading toward bankruptcy. Massive numbers of baby boomers, like me,
    will soon begin to retire. People are living longer, and benefits are
    scheduled to increase dramatically, and fewer workers will be paying
    into the system to support each retiree. For you younger workers, the
    current system has made promises that it cannot keep, and that is also a
    fact. Every year we wait to address this problem will make any eventual
    solution more painful and drastic, and we will saddle our children and
    grandchildren with an ever-greater burden. We need to act now to fix
    Social Security permanently.
        As we fix Social Security, we must also make it a better deal for
    younger workers. I have proposed allowing you to set aside part of your
    payroll taxes in personal retirement accounts. These accounts would be
    voluntary; the money would go into a conservative mix of bond and stock
    funds that would have the opportunity to earn a higher rate of return
    than anything the current system could provide. And that money would
    provide a nest egg to supplement your traditional Social Security check
    or to pass on to your children. Best of all, it would replace the empty
    promises of the current system with real assets of ownership.

    [[Page 322]]

        I have said repeatedly that all options are on the table for
    strengthening Social Security, with the exception of raising the payroll
    tax rate. I'm willing to listen to any good idea. And I will work in
    good faith with Members of Congress from both parties on this issue.
        Some in Washington want to deny that Social Security has a problem,
    but the American people know better, and you have the power to determine
    the outcome of this debate. I encourage all Americans, particularly our
    younger workers, who have so much at stake, to ask your elected leaders
    what they intend to do to keep the promise of Social Security alive in
    the 21st century. Saving Social Security will not be easy, but if you
    make clear that you expect your leaders to confront problems head on,
    not pass them on to future generations, I am confident that we will put
    aside partisan politics in Washington and meet our duty to you, the
    American people.
        Thank you for listening.

    Note: The address was recorded at 8:20 a.m. on February 25 in the
    Cabinet Room at the White House for broadcast at 10:06 a.m. on February
    26. The transcript was made available by the Office of the Press
    Secretary on February 25 but was embargoed for release until the
    broadcast. The Office of the Press Secretary also released a Spanish
    language transcript of this address.