Bush: In His Own Words

on Jan 22 in News by Administrator

The Bush Administration took four years to develop and then introduce a program to address a projected shortfall in Social Security funds in the year 2045.

Here is George Bush in a rare public discussion, unteleprompted, last February, trying to explain what his own administration proposed. This is taken right off the White House website.

WOMAN IN AUDIENCE: “I don’t understand. How is it the new plan going to fix the problem?”

Verbatim response: PRESIDENT BUSH:

“Because the — all which is on the table begins to address the big cost
drivers. For example, how benefits are calculated, for example, is on the
table. Whether or not benefits rise based upon wage increases or price
increases. There’s a series of parts of the formula that are being
considered. And when you couple that, those different cost drivers,
affecting those — changing those with personal accounts, the idea is to get
what has been promised more likely to be — or closer delivered to that has
been promised. Does that make any sense to you?

It’s kind of muddled. Look, there’s a series of things that cause the — like, for
example, benefits are calculated based upon the increase of wages, as
opposed to the increase of prices. Some have suggested that we calculate —
the benefits will rise based upon inflation, supposed to wage increases.

There is a reform that would help solve the red if that were put into
effect. In other words, how fast benefits grow, how fast the promised
benefits grow, if those — if that growth is affected, it will help on the
red.”

Okay, better? I’ll keep working on it. (Laughter.)

Here’s the transcript from the White House.