[Weekly Compilation of Presidential Documents Volume 34, Number 13 (Monday, March 30, 1998)]
[Pages 479-480]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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

[[Page 480]]

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.