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Social Security Mentioned 18
Times in State of Union Speech
President Bush assures seniors
Social Security will not change for them
Feb. 3, 2005 – President George
W. Bush made “Social Security reform” the major topic of his State of
the Union address last night. He said the words “Social Security” 18
times in the speech and addressed senior citizens directly saying, “I
have a message for every American who is 55 or older: Do not let anyone
mislead you; for you, the Social Security system will not change in any
way.” And added, “We must guarantee there is no change for those now
retired or nearing retirement.”
He introduced the subject with
this well crafted paragraph.
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State of the Union Address 2005
Feb.
3, 2005 - Following is the complete text of the State of the Union
Address by President George W. Bush delivered last night. Social
Security, a critical issue for seniors, was mentioned 18 times. These
references are highlighted and underlined in red below.
Click Here
AARP Answers State of Union, Again Opposing Private Accounts
They say they are working to strengthen Social Security “not dismantle
it”
Feb. 3, 2005 – AARP has strongly opposed suggestions by President Bush
for the establishment of private investment accounts for those who pay
Social Security taxes. They responded to last night’s State of the Union
address, which focused on Social Security, with a new statement of their
opposition. Read more...
President
Bush
Mentions
Social
Security
&
Medicare
Often
in
2001 Budget
Address
to
Congress
Feb. 28, 2001 - Social
Security
was
mentioned
14
times
and
Medicare
12.
Follow
this
link
to
the
text
of
the
Bush
address
with
these
mentions
highlighted.
Click*
2-28-01
> More Senior Politics
> More on Social Security
Reform
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“One of America's most important
institutions -- a symbol of the trust between generations -- is also in
need of wise and effective reform. Social Security was a great moral
success of the 20th century, and we must honor its great purposes in
this new century. The system, however, on its current path, is headed
toward bankruptcy. And so we must join together to strengthen and save
Social Security.”
Interestingly, Bush mentioned
Social Security 14 times in his first speech to the Congress in February
of 2001. In that speech he said, “Seven years from now, the baby boom
generation will begin to claim Social Security benefits. Every one in
this chamber knows that Social Security is not prepared to fully fund
their retirement. And we only have a couple of years to get
prepared. Without reform, this country will one day awaken to a stark
choice: either a drastic rise in payroll taxes or a radical cut in
retirement benefits.”
And, he added in 2001, “And it
(Social Security reform) must offer personal savings accounts to younger
workers who want them.”
Last night, the subject of
private investment accounts received a significant portion of his
speech. He said, “As we fix Social Security, we also have the
responsibility to make the system a better deal for younger workers. And
the best way to reach that goal is through voluntary personal retirement
accounts.
“Here is how the idea works.
Right now, a set portion of the money you earn is taken out of your
paycheck to pay for the Social Security benefits of today's retirees. If
you're a younger worker, I believe you should be able to set aside part
of that money in your own retirement account, so you can build a nest
egg for your own future.
“Here's why the personal
accounts are a better deal. Your money will grow, over time, at a
greater rate than anything the current system can deliver -- and your
account will provide money for retirement over and above the check you
will receive from Social Security. In addition, you'll be able to pass
along the money that accumulates in your personal account, if you wish,
to your children and -- or grandchildren. And best of all, the money in
the account is yours, and the government can never take it away.
“The goal here is greater
security in retirement, so we will set careful guidelines for personal
accounts. We'll make sure the money can only go into a conservative mix
of bonds and stock funds. We'll make sure that your earnings are not
eaten up by hidden Wall Street fees.
“We'll make sure there are good
options to protect your investments from sudden market swings on the eve
of your retirement. We'll make sure a personal account cannot be emptied
out all at once, but rather paid out over time, as an addition to
traditional Social Security benefits. And we'll make sure this plan is
fiscally responsible, by starting personal retirement accounts
gradually, and raising the yearly limits on contributions over time,
eventually permitting all workers to set aside four percentage points of
their payroll taxes in their accounts.
“Personal retirement accounts
should be familiar to federal employees, because you already have
something similar, called the Thrift Savings Plan, which lets workers
deposit a portion of their paychecks into any of five different
broadly-based investment funds. It's time to extend the same security,
and choice, and ownership to young Americans.”
But, he did leave
the door open for other ideas on making changes to Social Security,
saying, “I will work with members of Congress to find the most effective
combination of reforms. I will listen to anyone who has a good idea to
offer.”
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