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For Immediate Release
Office of the Press Secretary
April 28, 2005
Fact Sheet: Strengthening Social Security For Those In Need
Today's Presidential Action:
Today In A Primetime News Conference, The President Laid Out His Vision For Moving Forward With Bipartisan Social Security Reform. The American people understand that Social Security is headed for serious financial trouble and the President believes it is our duty to make Social Security permanently solvent. The President also believes it is our responsibility to improve the system by directing extra help to those most in need and making it a better deal for younger workers.
As Congress Begins Work On Legislation, The President Outlined Three Goals: ensure that future generations receive benefits equal to or greater than today's seniors; protect those who depend on Social Security the most; and replace the empty promises being made to younger workers with real money.
The President Made Clear That Some Things Will Not Change. Seniors and people with disabilities will continue to get their checks, and all Americans born before 1950 will also receive their full benefits.
Background: A Reformed System that Strengthens Social Security For Those In Need
Future Generations Receive Benefits Equal To Or Greater Than Today's Seniors. Under any plan to reform Social Security, future generations should receive benefits equal to or greater than the benefits that seniors receive today.
Protect Future Generations Who Depend on Social Security The Most: President Bush has made it clear that we must provide extra help to those future seniors who need it most.
Replace The Empty Promises Being Made to Younger Workers With Real Money. Younger workers should have the option of putting a portion of their payroll taxes into a voluntary personal account which will allow them to build a nest egg that belongs to them. This money will give workers an opportunity to receive a higher rate of return than the current Social Security System can provide.
The President Will Continue To Work With Congress To Find A Solution To Social Security That Is Sensible, Permanent And Fair. Social Security is too important to pass this problem on to the next generation. The President has committed to work with both the House and Senate in a bipartisan way as they take the next steps in the legislative process.
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