[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.