[Weekly Compilation of Presidential Documents Volume 41, Number 24 (Monday, June 20, 2005)]
[Pages 982-983]
[Online from the Government Publishing Office, www.gpo.gov]

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The President's Radio Address

June 11, 2005

    Good morning. As we enter the summer season, my administration is 
working hard to keep our economy growing and creating jobs. Next week, I 
will talk about some of my plans to help American families achieve long-
term economic security.
    On Tuesday, I will discuss Social Security reform with young people 
in Pennsylvania. I will remind them that the Social Security system is 
in good shape for their grandparents and for anybody born prior to 1950. 
I will also tell them that we must act now to strengthen and modernize 
Social Security so these young people can have a secure retirement. Our 
young people understand that if we fail to act, Social Security will not 
be sound when they need it. They know that the millions of baby boomers 
about to retire will live longer and collect benefits that the system 
cannot afford.
    As we make Social Security permanently sustainable, we must also 
make it a better deal for younger workers, by allowing them to set aside 
a portion of their payroll taxes in voluntary personal savings accounts. 
These accounts would provide the opportunity to earn a higher rate of 
return than the current system can offer. Personal accounts would 
contribute to the economic security of Americans by allowing them to 
build up a real nest egg, something they own and can pass on to their 
spouse or children, and that Government cannot take away.
    On Wednesday, I will address the Energy Efficiency Forum here in 
Washington and renew my call for Congress to act on the energy plan I 
proposed 4 years ago. Today's high energy prices are like a tax that 
drags on our economy. We must ensure that American families and small 
businesses have access to a reliable supply of affordable energy. My 
energy strategy will lessen our dependence on foreign oil by encouraging 
conservation, promoting domestic production in environmentally friendly 
ways, and funding promising new sources of energy such as hydrogen, 
ethanol, and biodiesel. It will also modernize our aging electricity 
grid.
    The House has passed a good energy bill. Now, the American people 
expect the Senate to act. For the sake of our economic and national 
security, Congress needs to get a good energy bill to my desk by August.
    On Thursday and Friday, I will discuss a key element of ensuring 
health care security for our Nation's seniors. The Medicare 
modernization bill I signed into law in 2003 created a new prescription 
drug benefit, so our seniors could have more choices and receive the 
affordable modern health care they deserve. This voluntary benefit 
begins next January, and seniors will be eligible to enroll starting 
this November. The plan will provide many options for dependable 
prescription drug coverage through Medicare. During the coming months, 
we will work to educate all of our seniors about this new benefit, so 
they can choose confidently the drug plan that best meets their needs.
    Finally, to ensure economic security for all Americans, Congress 
needs to keep your taxes low and be wise with taxpayers' dollars. I 
proposed and the House and Senate passed a responsible budget resolution 
that meets our priorities and keeps us on track to cut the deficit in 
half by 2009. The weeks ahead will bring important decisions on 
Government spending including the highway bill. Congress needs to soon 
send me a fiscally responsible highway bill that modernizes our roads 
and bridges and improves safety and creates jobs.
    Achieving economic security for all Americans requires us to 
confront challenges now, not pass them on to future generations. In the 
coming weeks, I will work with Congress on all these priorities so we 
can strengthen our Nation's prosperity for generations to come.
    Thank you for listening.

Note: The address was recorded at 7:50 a.m. on June 10 in the Cabinet 
Room at the White House for broadcast at 10:06 a.m. on June 11. The 
transcript was made available by the Office of the Press Secretary on 
June 10 but was embargoed for release until the broadcast. The Office of 
the Press Secretary also released a Spanish language transcript of this 
address.

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