[Weekly Compilation of Presidential Documents Volume 40, Number 50 (Monday, December 13, 2004)]
[Pages 2930-2931]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks Following a Meeting With Social Security Trustees and an 
Exchange With Reporters

December 9, 2004

    The President. It's been my honor to welcome the Social Security 
trustees here to the Oval Office. We had a good discussion about the 
problems that face the Social Security system, and there is a 
recognition among the experts that we have a problem. And the problem is 
America is getting older and that there are fewer people to pay into the 
system to support a baby boomer generation which is about to retire.
    Therefore, the question is, does this country have the will to 
address the problem. I think it must. I think we have a responsibility 
to solve problems before they become acute. And therefore, I want to 
thank the trustees for their understanding and their work. I want to 
thank them for their recognition that this country must deal with this 
issue now. I look forward to working with the Members of Congress to do 
just that.
    I had a meeting earlier on this week with Members of the United 
States House and Senate to discuss the importance of the Social Security 
issue. I fully recognize it's going to require a bipartisan effort to 
address this issue. I have articulated principles in the course of my 
campaign that I think are important. And it's very important for our--
those who have retired to recognize that nothing is going to change when 
it comes to Social Security. And it's very important for those who are 
near retirement to understand nothing will change.
    But for the sake of our younger workers, for the sake of younger 
Americans, we must be willing to address this problem. And I think it's 
vital to consider allowing younger workers, on a voluntary basis, to set 
aside some of their own payroll tax in personal accounts as part of a 
comprehensive solution to dealing with the Social Security issue.
    So I want to thank the trustees for their hard work. I want to thank 
you for your understanding of the issue. And I appreciate your 
willingness to go out and help explain to the American people that the 
time is now, the time is ready for us to solve this problem.
    I'll answer two questions. Scott [Scott Lindlaw, Associated Press].

Equipment for U.S. Troops

    Q. Thanks, Mr. President. Secretary Rumsfeld heard some complaints 
from soldiers yesterday who said, among other things, they've got 
inadequate armor as they head into Iraq. Do you know how widespread this 
problem is, and what are we doing about it?
    The President. First, I appreciate the fact that the Secretary went 
and visited our troops and took questions from the troops. I had the 
honor of visiting with our troops at Camp Pendleton on Tuesday. It's 
such an uplifting experience to be able to speak directly to the troops. 
And I had the honor of meeting with the families of the fallen as well.

[[Page 2931]]

    The concerns expressed are being addressed, and that is we expect 
our troops to have the best possible equipment. And if I were a soldier 
overseas wanting to defend my country, I'd want to ask the Secretary of 
Defense the same question, and that is, ``Are we getting the best we can 
get us?'' And they deserve the best. And I have told many families I met 
with, ``We're doing everything we possibly can to protect your loved 
ones in a mission which is vital and important.'' And that mission is to 
spread freedom and peace. And I want to thank all the troops who will be 
spending their Christmas season overseas, away from their families, for 
their sacrifice, and I want to thank the families once again for the 
sacrifices they have made as well.
    Steve [Steve Holland, Reuters].

Social Security Reform

    Q. The transition to personal accounts may cost $2 trillion. Can the 
country afford to borrow that much?
    The President. I think what's really important in the discussions is 
to understand the size of the problem. And that is we are faced with a 
present value of unfunded liabilities of about $11 trillion. What's 
important, Steve, is, before we begin any discussion, is to understand 
the scope of the problem. And that's why these trustees are vital in 
helping educate the American people and Congress as to the size of the 
problem. And I will not prejudge any solution. I think it's very 
important for the first step to be a common understanding of the size of 
the problem and then for Members of both parties, in both bodies, to 
come together, to come and listen to the options available.
    We have got a member of what was called the Moynihan Commission with 
us. They studied this problem in detail. They made some suggestions 
about how to move forward in solving the problem. Much of my thinking 
has been colored by the work of the late Senator Moynihan and the other 
members of the Commission who took a lot of time to take a look at this 
problem and who came up with some creative suggestions.
    And so I look forward to working with Congress to address this issue 
in a straightforward manner.
    Thank you all.

Payroll Taxes

    Q. Are you against any withholding tax increase to pay for the 
transition, sir? Are you against----
    The President. We will not raise payroll taxes to solve this 
problem.

Note: The President spoke at 10:28 a.m. in the Oval Office at the White 
House. In his remarks, he referred to the President's Commission to 
Strengthen Social Security.