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Bush Targets the Young with Social Security Reform
Pitch
Radio address turns to energy and Medicare
prescription drug plan, which is not without controversy
June 11, 2005 President George W. Bush soft
peddled Social Security reform and directed the comments he did make at
younger people in his radio address today. He spent more of the radio
time on energy and Medicare reform, subjects he hopes will play better
with senior citizens and others.
(The full text of his
radio address is below this story.)
Making changes in Social Security, including
private investment accounts, is the top priority for his second term but
the public is not buying it, especially older Americans. It has been so
unpopular that some Republicans fear a backlash in the mid-term
elections.
Today, he put more emphasis on appealing to younger
voters with his Social Security overhaul, saying, 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.
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, he added.
Bush put emphasis on the Medicare drug bill, which
has already passed and takes effect on Jan. 1.
"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," Bush said.
The President has kept up Social Security campaign,
but has broadened his stump speeches to include a wider agenda,
including the U.S. energy policy and Medicare.
His approval ratings have dipped into the mid-40
percent and bringing up the Medicare reform bill may not help.
The most recent projections on the cost of the new
drug plan is $724 billion for 10 years, starting with 2006. This cost is
far greater than the $400 billion the Administration told Congress the
cost would be for 2004 through 2013, when pushing for Congressional
approval. Members of both parties have expressed concern about the cost
as the nation faces record deficits.
Many senior citizens and their advocates are also
unhappy, saying the new prescription drug program is too complex. The
fear many older people will never understand it and fail to properly
enroll.
Full Text of todays radio
address
WASHINGTON, June 11, 2005 -- Following is a
transcript of President Bush's Radio Address to the nation today:
THE PRESIDENT: 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 four 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.
END
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