State of the Union: Still in need of Social Security Reform
February 1st, 2006 by MaxThe most engaging part of President Bush’s speech last night was when he spoke about Social Security reform. As he usually does when he talks about Social Security reform, he lit up and smoothly delivered his linesâ€â€a sign that he believes in what he’s saying.
The Democrats rose in a standing ovation when Bush said, “Congress did not act last year on my proposal to save Social Security.” It was nice of them to publicly show their excitement about doing nothing to help ensure secure retirements for future generations, and opposition to shifting control of our retirements from Washington back to the people. Bush followed with the zinger of the night, responding to their applause by pointing out that, despite the Democrats excitement about inaction, “the rising cost of entitlements is a problem that is not going away and every year we fail to act, the situation gets worse.” Unsure how to respond, the Democrats awkwardly stood again and cheered.
The full text of this part of the speech is below.
We must also confront the larger challenge of mandatory spending, or entitlements. This year, the first of about 78 million baby boomers turn 60, including two of my Dad’s favorite people — me and President Clinton. (Laughter.) This milestone is more than a personal crisis — (laughter) — it is a national challenge. The retirement of the baby boom generation will put unprecedented strains on the federal government. By 2030, spending for Social Security, Medicare and Medicaid alone will be almost 60 percent of the entire federal budget. And that will present future Congresses with impossible choices — staggering tax increases, immense deficits, or deep cuts in every category of spending.
Congress did not act last year on my proposal to save Social Security — (applause) — yet the rising cost of entitlements is a problem that is not going away. (Applause.) And every year we fail to act, the situation gets worse.So tonight, I ask you to join me in creating a commission to examine the full impact of baby boom retirements on Social Security, Medicare, and Medicaid. This commission should include members of Congress of both parties, and offer bipartisan solutions. We need to put aside partisan politics and work together and get this problem solved. (Applause.)
February 7th, 2006 at 9:46 pm
I believe in Social Security. I think what the government should stop doing is borrowing out of the fund. If we put so much money into it, it should be available to us, simple as that. I don’t believe in putting our money in a private fund. If I am correct, Roosevelt started this a long time ago, and it has always worked, why is the government saying that it isn’t now? I believe this is called privatizing, and if we are going to privatize social security, we might as well privatize our taxes too. Let’s go all the way.
Thank you.