    [Weekly Compilation of Presidential Documents Volume 40, Number 52 (Monday, December 27, 2004)]
    [Pages 2994-2995]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    The President's Radio Address

    December 18, 2004

        Good morning. This week my administration hosted an important
    conference on America's economic future. We heard from businessowners,
    workers, economists, and many other Americans who are seeing hopeful
    signs throughout our country. Our economy has come through a lot these
    past 4 years, and now our people are benefiting from solid economic
    growth, steady gains in new jobs, record homeownership, and rising
    family incomes.
        We also discussed some of the fundamental challenges facing our
    economy, from junk lawsuits and burdensome regulation to the complicated
    Tax Code to the need for vital reforms in education, health care, and
    entitlements. I will work with members of both political parties to
    confront these problems so we can keep our economy flexible, innovative,
    and competitive, and so America

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    remains the best place in the world to do business.
        Excessive litigation is one of the biggest obstacles to economic
    growth. The tort system now costs America's economy more than $230
    billion a year, and no other country faces a greater burden from junk
    lawsuits. Our litigious society deters job creation and consumes
    billions of dollars that could be better spent on investment and
    expansion. Frivolous lawsuits put American workers at a competitive
    disadvantage in the global economy and have a devastating impact on the
    medical community. When Congress convenes next year, the House and
    Senate need to pass sound reforms on our medical liability, class
    action, and asbestos litigation systems.
        Another challenge in our economy is the rising cost of health care.
    More than a half of all uninsured Americans are small-business employees
    and their families. And while many businessowners want to provide health
    care for their workers, they just can't afford the high cost. To help
    more Americans get care, we need to expand tax-free health savings
    accounts, which are already making a difference for small businesses and
    families. We should encourage health information technology that
    minimizes error and controls costs. And Congress must allow small firms
    to join together and buy health insurance at the same discounts big
    companies get.
        To grow their businesses and create jobs, small-business owners also
    need relief from excessive taxes and regulation. The tax relief we
    passed has been critical to our economic recovery, and Congress needs to
    make that tax relief permanent. We also need to reform our complicated
    Tax Code to encourage investment and growth and reduce headache for
    taxpayers. And to promote innovation in hiring, we must lift the burden
    of needless Federal regulation on hard-working entrepreneurs.
        As our businesses create advanced, high-paying jobs, we must ensure
    that workers have the education and skills to fill those jobs. We've
    made a good start with the No Child Left Behind Act, which is already
    helping students make progress in the early grades. Now we need to bring
    high standards and accountability to high schools and make sure job-
    training programs prepare workers for the innovative jobs of the 21st
    century.
        To help our young people, we must also fix the long-term problems in
    the Social Security system. Workers in their mid-twenties today will
    find Social Security bankrupt when they retire, unless we act to save
    it. As we reform and strengthen the system, we will deliver all the
    benefits owed to current and near retirees. We must not increase payroll
    taxes, and we must tap into the power of markets and compound interest
    by giving younger workers the option of saving some of their payroll
    taxes in a personal investment account, a nest egg they can call their
    own, which the Government can never take away.
        The week's conference provided a good opportunity to discuss our
    economic challenges with Americans from many backgrounds and to set the
    issues clearly before Congress. I'm open to good ideas from Democrats
    and Republicans. I will work with any who shares our goal of
    strengthening the economy. But I will not ignore these challenges and
    leave them to another day. We have a duty to the American people to act
    on these issues, and we will get results.
        Thank you for listening.

    Note: The address was recorded at 7:44 a.m. on December 17 in the
    Cabinet Room at the White House for broadcast at 10:06 a.m. on December
    18. The transcript was made available by the Office of the Press
    Secretary on December 17 but was embargoed for release until the
    broadcast. The Office of the Press Secretary also released a Spanish
    language transcript of this address.