[Weekly Compilation of Presidential Documents Volume 41, Number 6 (Monday, February 14, 2005)]
[Pages 187-195]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks to the Detroit Economic Club in Detroit, Michigan

February 8, 2005

    Thank you all. Please be seated. I've seen head tables before--
[laughter]--I've never seen one quite so long. [Laughter] Thanks for 
having me. It's great to be back in Detroit. You know, we're only a few 
weeks into the New Year, but at the White House we've already had a lot 
of excitement. There was the Inauguration. Then we had Iraqi elections 
and then a visit from a group of very tall men--[laughter]--the mighty 
Pistons of Detroit.
    I appreciate you having me. I appreciate you giving me a chance to 
come and share some thoughts with you. Dieter, thank you very much for 
that fine introduction. Never mind about the English language thing. 
[Laughter] Beth, thank you very much for

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organizing this event. It's good to be here with Rick Wagoner and Bill 
Ford, part of the mighty Big Three in the Detroit area. I want to thank 
Joe Knollenberg and Sandie, the Congressmen from the great State of 
Michigan. Cardinal Maida, it's great to see such a strong leader and 
such--one of the great faith leaders of not only this State but the 
country.
    I appreciate the mayor being here. Mr. Mayor, it's good to see you. 
I may see your mother this afternoon, and I'll tell her you're looking 
just fine. [Laughter]
    Glad to be here with the secretary of State of Michigan, Terri Lynn 
Land, the attorney general, Mike Cox. I appreciate all the State and 
local officials who have come out. I want to thank all the college 
students--middle school, high school, and college students who are here 
as part of the Detroit Economic Club Student Program. It was my honor to 
have shaken a lot of hands. I hope my advice was good, which was to aim 
high, make right choices, and listen to your mother. I'm still listening 
to mine. [Laughter]
    Today when I landed at the airport, at the base of Air Force One was 
a fellow named Jim Comer. He is an active volunteer in the VIP Mentoring 
Program. The reason I like to bring up people like Jim is to remind 
people that the greatest strength of the country is the hearts and souls 
of the citizens of our country. That's our true might. And every chance 
I get, I like to herald those individuals who are taking time out of 
their lives to make a difference in somebody else's life.
    And what Jim Comer does is he mentors children who have got a parent 
who may be--who is incarcerated. I can't think of a greater gift, a more 
noble cause than to surround a child who may hurt with love. And so, 
Jim, I want to thank you for being here. For those of you who may wonder 
how best to serve our country, find somebody who hurts and help them 
with your compassion and your decency.
    Thank you, sir. I'm glad they gave you a good table. Thanks for 
doing it.
    This is my second trip to the Detroit Economic Club. I was here as a 
Presidential candidate back in 2000, right before the Michigan primary. 
You can't win them all. [Laughter] That day I said no generation could 
afford to take its prosperity for granted and that the job of the 
President is not to think about the Dow Jones today but to look down the 
road. That's exactly what I told the folks that were here. Little did I 
realize what that road would mean.
    We've been down a challenging road together since the last time I 
came to address the Detroit Economic Club. After all, we had a stock 
market decline and recession. We've had corporate scandals. We had an 
attack on our homeland, and we've got the demands of an ongoing war. But 
this Nation confronted these challenges head on, and as a result, we 
have rebuilt our economy and we're improving the security of our Nation.
    What I said in 2000 remains true today: No President should ever 
take America's economic growth for granted. We have an obligation to do 
what Americans have always done, and that is to build a better tomorrow 
for our children and our grandchildren. And that's what I'm here to talk 
about today.
    We're moving forward with an ambitious agenda to ensure that our 
economy remains the freest, the most flexible, and the most prosperous 
in the world. Our strategy has three pillars. We will insist on a budget 
that limits and tames the spending appetite of the Federal Government. 
We will work with Congress to pass legislation that promotes economic 
growth and makes sure the entrepreneurial spirit is strong all 
throughout America. And we'll reform the institutions fundamental to 
American society.
    I understand these are big goals. But the job of the President is to 
confront problems, not to pass then on to future generations, future 
Presidents, and future Congresses.
    The first pillar of sound economic policy is spending restraint in 
Washington, DC. Yesterday I sent a budget to the United States Congress. 
I would call it a disciplined budget. My budget reduces spending--
reduces spending--on nonsecurity discretionary programs by one percent, 
the most disciplined proposal since Ronald Reagan was in office. It 
holds discretionary spending below the rate of inflation. It includes 
vital reforms in mandatory spending that will save taxpayers $137 
billion over the next decade. It meets our Nation's essential needs. It

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keeps us on track to cut the deficit in half by 2009.
    Now, all budgets have got to be based on priorities, and mine are 
clear: The Government's most solemn duty is to defend and protect the 
American people. In a time of war, we will always provide our military 
and homeland security personnel with the tools they need to do their 
jobs. And so our budget raises defense spending by almost 5 percent and 
funds critical upgrades in homeland security, such as a new program to 
secure our chemical plants, ports, and public transportation systems.
    Protecting America imposes costs that are large, and they are 
necessary. That means we have a duty to show even more discipline about 
spending in other areas. Leaders in Congress and in the business sector 
have expressed their concerns about Federal spending, and I've listened. 
And so I've delivered a budget that reflects our mutual concerns. And 
now Congress needs to join with me to bring real spending discipline to 
the Federal budget.
    Spending discipline requires difficult choices. Every Government 
program was created with good intentions, but not all are matching good 
intentions with good results. And so we looked at how programs are 
working. Or as I told my Director of the OMB, Josh Bolten, let's focus 
on results. My 2006 budget eliminates or substantially reduces more than 
150 Federal program that are not succeeding, that are duplicating 
existing efforts, or that are not fulfilling an essential priority.
    For example, there's a program called Even Start. It was created 
more than 16 years ago to build literacy in low-income families. We're 
all for that. I can't think of anybody in the Congress who is not for 
helping low-income families become literate. The problem is, is that 
after three separate evaluations it has become abundantly clear that the 
program is not succeeding. People are not becoming more literate. 
Families in Even Start have made no progress toward literacy--no more 
progress than a similar group of families outside the program.
    See, I think it makes sense for all of us involved in public policy 
to say to the appropriators, ``Show us whether something works.'' Even 
Start is not working, and so I've asked that the program be eliminated 
and focus resources on things that do work.
    We're also working on mandatory programs. These are programs fixed 
by formula, over which the Congress and appropriators have no discretion 
except to fix the formula. For example--let me give you one example of 
where I think there needs to be change to save taxpayers' money. It's 
commonsense change. It is a reasonable approach to farm policy. Right 
now the Federal Government pays individual farmers as much as $360,000 a 
year in subsidy. I think that no farmer should get $250,000 a year in 
subsidy. That makes sense. That will save the American taxpayer $1.2 
billion over the next decade. These are the kind of reforms that are 
necessary to earn the trust of the American people. And to bring budget 
discipline, it is essential that those who spend the money in Washington 
adhere to this principle: A taxpayer dollar ought to be spent wisely or 
not spent at all.
    To reduce deficits, we must do more than just spending restraint. 
We've got to make sure we have progrowth economic policies. We've got to 
do things to make sure this economy continues to expand, in order to 
create jobs, increase wages, and enhance the entrepreneurial spirit. I 
mean, I love the entrepreneurship of America. I think it's what makes us 
a unique place. I can't tell you how positive it is when I hear the 
stories of person after person who creates his or her own job, 
regardless of their status in America. There's nothing better than to be 
a part of a society in which, if you dream the big dream, you can 
achieve that dream. And that's why progrowth economic policies are vital 
for a positive future for America.
    So the second pillar of a sound economic policy is to build on an 
environment that encourages initiative, lowers the cost of doing 
business, constantly thinks about how to promote economic vitality and 
growth.
    Progrowth policies have helped overcome a recession and helped make 
this country's economy the fastest growing of any major industrialized 
nation in the world. Over the past year, America has created more jobs 
than Germany, Japan, Great Britain, Canada, and France combined.

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    Parts of our country struggle, just like Michigan. I'm very aware of 
that. But that's all the more reason to make sure our economy is more 
flexible and that we remain competitive. The goal ought to be America 
must be the best place in the world to do business.
    A progrowth strategy must ensure that tax relief is here to stay. 
Most new jobs in America are created by small businesses. Many of those 
businessowners pay business taxes at the individual tax rate. In other 
words, they're Subchapter S corporations, sole proprietorships. And when 
individual tax rates are high, it affects the capacity of a small 
business to accumulate and spend capital. The tax relief we passed 
lowered all tax rates on people who pay taxes. Yet in 2011, those tax 
rates are scheduled to go back up. If Congress fails to act, taxes on 
dividends and capital gains will also go up, and the child credit will 
be reduced, and the death tax will come back to life. [Laughter] 
Allowing these scheduled tax increases to take effect, allowing taxes to 
go back up would only discourage growth and cost this country jobs and 
reduce paychecks. The United States Congress needs to make the tax 
relief permanent.
    A progrowth strategy must address the growing burden of junk 
lawsuits. Last month I met Bruce McFee, who runs a manufacturing company 
in North Lansing. A few years back, Bruce bought a company called 
Sullivan Palatek. In the 1940s, another company with the name 
``Sullivan'' in it made a product with asbestos. The two companies are 
in no way related. But that hasn't stopped trial lawyers from filing 53 
asbestos claims against Bruce's company.
    Here's what he said about the lawsuits: ``If they put us out of 
business, the replacement is going to be an overseas business. I believe 
there are hundreds of companies in the same mess, and it's sucking money 
out of our State.'' And he's right.
    Junk lawsuits have driven the cost of America's tort system to more 
than $240 billion a year, greater than any major industrialized nation. 
Think about that. It creates a competitive disadvantage in a global 
economy, for the American economy to have so many lawsuits. It imposes 
unfair costs on job creators. It raises prices for consumers. Our legal 
system must serve the cause of justice, not the interests of trial 
lawyers. Congress needs to pass meaningful class-action and asbestos 
legal reform this year.
    A progrowth strategy must roll back excessive Federal regulation. 
Many of you in this room probably spend hours filling out paperwork to 
send to Washington, DC. I can't promise you any of it has ever been 
read. [Laughter] We've got to understand that. People writing the 
regulations must understand, the people who are implementing regulations 
must understand that. And we're making some progress. We've streamlined 
tax reporting requirements for small businesses, and that saved American 
entrepreneurs an estimated 50 hours--50 million hours of unproductive 
work. And there's more to be done. We've got to strip away unnecessary 
mandates. We want people figuring out how to hire people, not hiring 
people to fill out forms.
    A progrowth strategy must confront the cost of--the rising cost of 
health care. I understand that. Whether it be the automaker or the 
family restaurant in Michigan, escalating health costs are making it 
difficult for people to do business and to get the coverage they need 
for their workers. More than half of the uninsured are small-business 
employees. To me, that makes sense to start there. To make sure the 
health care system works, why don't we address the reason why small 
businesses aren't able to afford health care. And one of the reasons why 
is because they're not able to get the economies of purchase that big 
companies are able to do. We ought to allow small businesses to pool 
across jurisdictional boundaries so they can get the same discounts that 
big companies are able to do.
    I'm a big believer in tax-free health savings accounts. If you're a 
small-business owner or a sole proprietor, I urge you to look at health 
savings accounts. They're innovative ways for people to control their 
own destiny when it comes to health care, get catastrophic coverage to 
give them security, and be able to pass from one year to the next on a 
tax-free basis any money you do not spend in your health account. And to 
make them more widely available, we ought to--we will, if Congress 
passes laws that allow us to provide

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incentives for small businesses and low-income workers to open up health 
savings accounts.
    We should create a national marketplace for health insurance, so 
people can shop on the Internet across State lines to get high-quality 
coverage at lower prices. That makes sense, doesn't it--to break down 
barriers to create a marketplace for the consumer when it comes to 
health care. To reduce the cost of medicine for every doctor, every 
patient, and every business, Congress needs to pass medical liability 
reform this year.
    A progrowth strategy must ensure affordable, reliable supplies of 
energy. It is hard to be in a growing economy if you're not sure whether 
or not you got energy, if you're not sure whether or not there's cost 
certainty when it comes to energy. As you found out here in Detroit and 
others found out across our Nation during the blackout that hit this 
city two summers ago, a disruption in energy supplies can cause and will 
cause serious problems in our economy. And so that's why I sent Congress 
a comprehensive energy strategy almost 4 years ago. And as I said in the 
State of the Union the other night, 4 years of debate is enough. We 
don't need debate; we need action when it comes to an energy plan.
    And that plan must modernize the electricity grid, and it must 
encourage conservation, and it must encourage increases in domestic 
production. And we can do so in an environmentally friendly way. We're 
spending money--and important money and good money--on new technologies 
such as clean coal technologies and ethanol and hybrid and fuel cell 
vehicles. I believe that we ought to expand the use of safe and clean 
nuclear power. And I think we ought to allow for exploration in 
environmentally responsible ways in the Arctic National Wildlife Refuge.
    For the sake of this economy and for the sake of national security, 
Congress needs to pass an energy plan and get it to my desk as soon as 
possible so we can become less reliant on foreign sources of energy.
    A progrowth strategy requires a policy of free and fair trade. 
America is the home to about 5 percent of the world's population. That 
means 95 percent of our potential customers are abroad. Millions of 
American jobs--and this is important for the people of Detroit to 
understand--millions of Americans jobs are supported by exports, 
including one in every five factory jobs. Here in America, it's the 
fifth largest exporting State. You know firsthand that economic 
isolation would mean economic disaster.
    My administration has worked hard to open up markets for U.S. 
products. We've completed free trade agreements with 12 countries that 
will open up markets of 124 million consumers, and that's good. That's 
good for entrepreneurs. Listen, if you're good at something--and we're 
good at a lot of things--we ought to break down barriers so we can be 
selling to people. And I'm going to continue to work to open up markets. 
And at the same time, we will vigorously enforce trade laws that are on 
the books. You see, with a level playing field, our businesses, our 
entrepreneurs, and our workers can compete with anybody, anytime in the 
world.
    The third pillar of a sound economic policy is to put in place 
reforms that will keep America's businesses and workers competitive in 
the century ahead. It is time to confront great challenges. If you care 
about the quality of life for our children and grandchildren, now is the 
time--not later but now is the time to confront problems.
    To keep America competitive, we've got to make sure that the 
education system works. The No Child Left Behind Act is working. We have 
challenged and are challenging the soft bigotry of low expectations. We 
will not stand for a school system that gives up on kids and just moves 
them through. So now we're asking the question, ``Can you read and write 
and add and subtract?'' And when we find a child that needs help, we're 
providing help early, before it's too late. There's nothing better than 
setting high standards and having accountability to make sure every 
child learns. And it's working. There's an achievement gap in America 
that is growing--is narrowing every year. And we've now got to extend 
those reforms to our high schools so that a high school diploma means 
something.
    The fastest growing occupations in America require at least 2 years 
of college. And so we're going to reform our job training system and 
strengthen our community colleges

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to help thousands of workers get the--gain the skills they need to fill 
the jobs of the 21st century. You know, one of the wonderful things 
about the community college system is that they're flexible, and they're 
available, and they're affordable. And for those youngsters who cannot 
afford a community college or for those workers who cannot, we're going 
to increase the size of Pell grants to help them afford a community 
college and/or a college education.
    What we want is, we want the education system to actually educate 
people for the jobs which exist. And that's why I'm such a big believer 
in the community college system. Curricula can change with the times. 
Flexibility is important when it comes to helping our workers gain the 
skills necessary to fill the jobs of the 21st century.
    To keep this country competitive, we've got to change our outdated 
immigration laws. This economy will be stronger and our Nation will be 
more secure by having a rational system when it comes to immigration. 
First, I don't believe, and I'm against blanket amnesty. Secondly, we 
need to know who's coming in and out of our country. And thirdly, I 
believe that we ought to allow a willing worker and a willing employee 
to match up so long as an American won't fill the job.
    I don't like a system which encourages illegal trafficking on the 
borders, fake documents, smuggling in the desert in the heat of the day. 
We're more compassionate than that. This country ought to say, ``If 
you're a willing worker and an employer can't find an American, we ought 
to match them up for a period of time.'' This is a guest worker program 
that will bring sense to border policy and employment policy in the 
United States of America and, at the same time, treat people with 
dignity.
    We got to simplify the Tax Code if we want to have a progrowth 
economy. Today, this code of ours and its accompanying regulations are 
almost 11 times longer than the complete works of Shakespeare. 
[Laughter] And he wrote a lot. [Laughter] To help you determine how much 
you owe the IRS, our Government kindly offers hundreds of separate 
forms, instructions, worksheets, and publications. [Laughter] A growing 
number of Americans also have to calculate their tax burden twice, once 
under the regular tax rules and once for the alternative minimum tax. 
And then when you're done figuring out both totals, you get to pay the 
higher amount. [Laughter] No wonder we now have more people in the 
business of preparing tax returns than we do in the entire United States 
Army.
    Americans shouldn't need advanced degrees in accounting to fill out 
their tax returns. So I've appointed a bipartisan commission led by 
former Senators John Breaux, Democrat, and Connie Mack, Republican, to 
examine the Tax Code, top to bottom. I will receive their 
recommendations, and I will work with the United States Congress to 
deliver a Tax Code that is progrowth, easy to understand, and fair to 
everyone.
    And to keep this America--country of ours competitive in the 21st 
century, we have got to honestly and openly address the structural 
problems of Social Security. In the last few days, I've traveled to 
North Dakota and Florida and now to Michigan to discuss my ideas and 
plans. And I'm going to continue traveling. I'm going to spend a lot of 
time on this issue because I feel strongly that we better address it. 
And I'll tell you why.
    I've reminded everybody I've spoke in front of that the Social 
Security system was one of the great moral successes of the 20th 
century, and I believe it was. And I assured them that today's seniors 
do not have a problem with Social Security. For those who have retired 
or nearing retirement, born before 1950, the Social Security system is 
fiscally sound and will not change at all. And that's an important 
message for our seniors to hear: ``You're in fine shape, and nothing is 
changing.''
    But I warned every audience I've spoken in front of that the 
Government has made promises to our younger workers that it cannot pay 
for. Social Security will go broke when some of our youngsters get ready 
to retire, and that's a fact. And the whole world is watching to see 
whether or not we've got the courage to fix this problem. It's part of 
our structural deficit. Social Security means that we've got unfunded 
liabilities, debts that we owe to future generations that are going to 
be real hard to pay. And here's why.

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    Half a century ago, about 16 workers paid into the system for every 
one person drawing benefits. That's a nice, healthy contribution ratio, 
16 to 1. But today, it's 3.3 workers to one. And over the next few 
decades, the numbers paying in for every beneficiary will be 2 to 1, two 
workers for every beneficiary. But that's only half the problem. The 
other problem is people like me, what they call baby boomers, are fixing 
to retire, and there's a lot of us. And not only are we fixing to 
retire; we're living longer, much longer than when the Social Security 
system was first designed. And not only that, the benefits that the 
Government has promised are going up. They're increasing. So think about 
it. With every passing year, you've got fewer workers who will be paying 
ever higher benefits to an ever larger number of retirees.
    And that is the math. Thirteen years from now, in 2018, the Social 
Security system will be paying out more than it takes in. That's called 
being in the red. And every year afterwards, the problem gets worse. The 
shortfall is bigger than the year before. So, for example, in the year 
2027, the Government will somehow have to come up with an extra--in 
other words, above and beyond the payroll taxes being collected--an 
extra $200 billion in that year alone to keep the system afloat. And in 
the year 2033, that shortfall will have grown to $300 billion. We've got 
a problem, and it is plain to see. It is such a problem that in the year 
2042, the system is going to be broke.
    If you're a younger person, you ought to be asking Members of 
Congress and the United States Senate and the President what you intend 
to do about it. If you see a train wreck coming, you ought to be saying, 
``What are you going to do about it, Mr. Congressman, or Madam 
Congressman? Are you going to sit there and let the train run over 
younger workers, or are you going to act?''
    I'm calling upon the Congress to act, because if we don't act now, 
imagine what life is going to be like trying to fill the hole. When 
you're 200 billion short, and a couple of years later you're 300 billion 
short, and the shortfalls grow every year, there aren't many options 
available to you if you don't do something now. In other words, you can 
raise taxes significantly; that will wreck the economy. You can 
dramatically slash benefits. You can borrow a lot of money. But whatever 
the case is, the closer you get to the day in which we start going into 
the red, the problem only accelerates.
    And that's why I stood in front of the United States Congress and 
said, ``Why don't we work together to fix this system--not for those 
who've retired; you're fine--but for a young generation of Americans 
coming up.'' And I fully understand that any long-term solution is going 
to require the discussion of a lot of options. And that's why I told the 
Congress, with the exception of running up payroll taxes or raising 
payroll taxes, all options are on the table.
    There have been a lot of interesting suggestions from the United 
States Senator from New York named Daniel Patrick Moynihan, who, 
unfortunately, passed away, or to President Clinton. Over time, people 
have suggested different options, different ideas as to how to 
permanently fix Social Security for younger workers. Nothing changes for 
older workers. Some have suggested limiting the benefits for wealthy 
retirees. Others have suggested indexing benefits to prices rather than 
wages. Some have been bold enough to suggest increasing the retirement 
age. Some have thought it's a good idea to change the benefit formulas 
or include penalties for early collection of Social Security benefits. 
I'm going to work with Congress. To any Congress man or woman, 
regardless of party, bring forth your ideas.
    Now, there are some who say we don't have a problem. I suspect over 
time the voters are going to say to those folks, ``You better figure out 
we've got a problem. Just don't pass it on. Show some leadership.'' And 
then they're going to say to people like me and those of us who 
recognize we have a problem, ``Come on. Show me your ideas.'' And that's 
what I want to assure the people of the Detroit Economic Club: I'll be 
open to anybody's ideas.
    And I got an interesting idea for younger workers that I want the 
Congress to consider. I believe we have a chance to make a better deal 
for our younger workers, and that is I believe younger workers, if they 
so choose, ought to be allowed to set aside some of their

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own money in the form of payroll taxes into a personal retirement 
account.
    I think the first principle involved here is that it's the younger 
workers' money. It's not the Government's money, to begin with. It's 
your money. You're working hard. And a personal account would allow that 
person to invest in a conservative mix of stocks and bonds. You know, 
you can't take it to the lottery. [Laughter] You can't go across the 
river and roll dice with it. [Laughter] There's guidelines about that 
which you can invest in. And these accounts would have low 
administrative fees. They would provide simple and easy to understand 
choices, just like the Thrift Savings Plans used by Federal employees. 
These monies would be available for retirement. In other words, you 
couldn't withdraw money prior to retirement. And obviously, there would 
be a limit on that which you could withdraw. You can't pull it all out 
at one time. It's meant to supplement the Social Security check you'll 
be getting from the Federal Government.
    And so why does this make sense? And by the way, we will phase these 
plans in--the retirement accounts in, over time, eventually allowing a 
worker to set aside 4 percent of his or her gross pay in the form of a 
personal account. And the reason you allow them to phase in is so that 
they become easier to pay for the transition costs, is a fiscally sound 
way of approaching this issue.
    Now, here's why I think they're--I know they're a better deal for 
younger workers. The rate of return on a conservative mix of stocks and 
bonds will be greater in a personal account than that which the younger 
worker is earning in the Social Security trust. In other words, you 
get--your money works for you better.
    And that's important. Take the young person who earns an average of 
$35,000 a year over his or her working career. By the time he or she 
retired, their personal account would be nearly $250,000. Think about 
that. That's the power of the compounding rate of money. That's what 
that means. Over time, your money grows, in the most conservative of 
stocks and bonds.
    That money would provide a nest egg for the owner of the account. It 
would supplement that person's Social Security retirement income. It is 
money that that person can pass on to whomever he or she chooses. Best 
of all, the accounts would be replacing the empty promises of Government 
with the real assets of ownership. A personal account would be your 
account. You would own it, and the Government could never take it away.
    Now, I'm looking forward to discussing with Congress this issue. We 
have a fantastic opportunity to show our country that people can put 
aside their party and work what's best for the future. And I'm looking 
forward to it. And I'm looking forward to traveling the country, telling 
people as plainly as I can that we've got a problem, and I'm willing to 
work with people to come up with a solution. And I'm willing to put out 
interesting ideas--at least I think they're interesting--[laughter]--to 
help people understand there is a way forward and, at the same time, 
promote what I like to call an ownership society.
    I think all public policy--or as much public policy as possible--
ought to encourage people to own something. I want more people owning 
their own home. I can't tell you how exciting it is to meet a first-time 
homeowner. I've never seen this, personally, as the President, but I can 
just imagine somebody opening their door of their home and say, 
``Welcome to my home. Welcome to my piece of property.'' I like the idea 
of people from all walks of life starting their own business. I've met 
entrepreneurs all across America who've said, ``I've started my 
business. I'm an employer. I'm excited about the future.''
    We want people owning and managing their own health care accounts. 
That's why I believe health savings accounts are an important part of 
helping to control the cost of medicine. And we want people controlling 
and owning their own assets when it comes to their retirement. The more 
people own something in America, the more likely it is a--future 
generations of America will have a vital stake in the future of this 
country.
    No one knows the power of ownership better than American 
entrepreneurs. John Bailey is with us. It's an interesting story about 
entrepreneurship and optimism. Nine years ago, after a life in public 
relations, he found himself trapped in a company that offered

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no hope for advancement. His wife--sounds like a pretty straightforward 
woman; I'm about to quote her--kind of reminds me of Laura. She said, 
``What part of writing on the wall can't you understand?'' [Laughter] 
``They don't want people over 50,'' is what the wife was telling John. 
He didn't get discouraged. He responded in true American fashion. He 
went out and he founded his own firm. And today, John's business is one 
of the largest public relations firms in Michigan.
    And here's what he had to say: ``It's very daunting to go out there. 
But I learned that it can be done, that hard work and strong ethic 
pays.'' He went on to say, ``It sounds corny, but good guys do finish on 
top.''
    The dream of a hopeful America is to say that if you work hard and 
dream big, no matter who you are, you can finish on top.
    Thanks for letting me come. God bless.

Note: The President spoke at 12:23 p.m. at the COBO Conference/Economic 
Center. In his remarks, he referred to Dieter Zetsche, chief executive 
officer and president, Chrysler Group, DaimlerChrysler; Beth Chappell, 
president and chief executive officer, Detroit Economic Club; G. Richard 
Wagoner, Jr., chairman and chief executive officer, General Motors; Bill 
Ford, chairman, Ford Motor Company; Sandie Knollenberg, wife of 
Representative Joe Knollenberg; Adam Cardinal Maida, Archbishop of 
Detroit, MI; Mayor Kwame M. Kilpatrick of Detroit, MI, son of 
Representative Carolyn C. Kilpatrick; Michigan State Attorney General 
Mike Cox; and John J. Bailey, president, John Bailey & Associates, Inc.