Interview with WHO Radio in Cedar Rapids, Iowa March 30, 2005
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Administration of George W. Bush, 2005 / Mar. 30 Interview With WHO Radio in Cedar Rapids, Iowa March 30, 2005 Social Security Reform have said the world has changed and is Jan Mickelson. The President probably changing and that we have a problem for wants to get in on this conversation. younger generations of Americans. The So- [Laughter] It’s an honor seeing you again, cial Security trust, for example—or the sir. trustees came out with a report recently The President. How are you doing? that said, ‘‘In 2017, the Social Security trust Mr. Mickelson. I’m doing great. You real- goes into the negative. In 2041, it is flat ize what a risk you’ve done, latching on broke.’’ to this Social Security thing? You put our And the reason why is because baby number one Senator at grave risk. [Laugh- boomers, like me and you, are getting ready ter] He had to burn his AARP card. to retire, and there’s a lot of us, and we’re [Laughter] Do you realize what a cheap living longer. buzzard that guy is? [Laughter] Mr. Mickelson. What have you heard? The President. No, I remember the ads I mean, I wasn’t planning on retiring. with the lawnmower. [Laughter] [Laughter] Mr. Mickelson. Well, see, he can’t use The President. Well, this isn’t forced re- his AARP discount anywhere anymore. He tirement. [Laughter] You get to be retire- had to burn that card. ment age whether you want to or not. The President. Well, you know, I appre- Mr. Mickelson. I’m still in denial about ciate the chairman. He’s got some political that. courage, which is necessary to take on The President. tough problems. It’s pretty easy to ignore Well, I’m afraid we’re problems in politics. What’s hard is to take headed there. But there’s a lot of us, and on a tough problem. And both Senator we’ve been promised greater benefits, and Grassley and I have dedicated ourselves to there’s fewer workers. So you’ve got more taking on the tough problem of Social Se- people getting greater benefits, living curity, and it is a problem. longer, and fewer people paying into the Mr. Mickelson. I was also warned by the system. And it’s just not going to work. Secret Service to keep the microphone And so I think one of the things that’s away from you in a diner situation—[laugh- happened, in this 60-day period that we ter]—because you have a karaoke gland set out to explain to the country we have that breaks out into Alan Jackson songs at a problem, is that people are now begin- the drop of a hat. Try to restrain yourself ning to understand there is a problem. this morning, sir. [Laughter] And the second thing that people are The President. Thank you very much. If beginning to figure out is that if you’re you’ve ever heard me sing, you know it’s 55 and over, you don’t have anything to not an issue. [Laughter] worry about; the Government is going to Mr. Mickelson. I think it was the minor- pay the promised benefits. And that’s an ity leader, Harry Reid, said, ‘‘Social Secu- important thing for people to understand. rity is a real crisis that exists only in one There’s a lot of people in Iowa counting place, in the minds of Republicans.’’ How on their Social Security check, and they would you respond to that? just need to hear the truth, and the truth The President. Well, I would say that is—— there’s been a lot of people who aren’t Mr. Mickelson. Five hundred and sixty- Republicans who’ve looked at this issue and two thousand of us. 525 31 2005 13:57 Sep 09 2008 Jkt 206694 PO 00000 Frm 00525 Fmt 1240 Sfmt 1240 E:\HR\OC\94A XXX 94A Mar. 30 / Administration of George W. Bush, 2005 The President. That’s a lot of you—not to be over $200 billion a year? It gets worse ‘‘us.’’ You’re not one yet. every year from 2017 to 2041. And so Mr. Mickelson. Well, there’s 562,000 there’s a huge hole that can only be filled Iowans that receive some kind of Social by dramatic benefit reductions and/or pay- Security benefit, and 2 out of 5 Americans roll increases. It’s estimated that in order do. to fix the problem if we wait, it will— The President. That’s right, and that’s payroll taxes will have to get up to 18 per- why it’s an important program. That’s why cent. And that’s unsatisfactory, as far as I’m it’s important to reassure those who receive concerned. And younger workers, blue a check, nothing changes. The people who State, red State, need to worry about this need to worry about this issue are the problem. younger Americans. They’re the ones who Now, older Americans do not. And I are going to have to pay enormous taxes keep saying that, because I know there’s or get enormous benefit cuts if this Gov- some propaganda out there that says to ernment is not willing to respond now. And older Americans, ‘‘You know, old Grassley so, to answer the question of the skeptics, and Bush are going to take away your we do have a serious problem. check.’’ Well, I’ve heard this before, every Mr. Mickelson. The red State division time I’ve run for office. Nothing changes. and blue State division affects this debate The Government will keep its promise for extremely importantly and efficiently. The those of us over 55 years old. It’s younger Democrats are marketing their opposition people. This is a generational issue, Jan, to any kind of Social Security reform in because many grandparents are now begin- the following way. I was up on their web ning to realize they’re going to get their site, and this is how they describe the na- check, and they’re starting to ask the ques- ture of their opposition. And they have four tion, ‘‘What about my grandchildren; what different categories—they say women, are you going to do about the grand- blacks, Hispanics, and the disabled all re- children,’’ because this is a serious problem. ceive a progressive return from Social Secu- Mr. Mickelson. I really appreciate the rity. They get more than they pay in. In phrase you use, the ‘‘ownership society.’’ essence, they say, you’d be an idiot, there- The President. Yes. fore, to go along with any kind of reform, Mr. Mickelson. That really works. Now, because they have it pretty good now, by how do we get the people who view them- comparison, paying a little in—or less in selves as recipients to see themselves as than other wage earners. So why should potential owners, so they don’t feel threat- we vote for something that, in essence, we ened by a transformation of the system that think might disenfranchise us? you have in mind? The President. Well, again, nothing The President. Yes, well, first of all, changes if you’re 55 years and older. I you’re referring to the personal savings ac- mean, the progressivity in the system stays count aspect of a solution. And the reason in the system. Plus, you can make the sys- I believe it’s important to encourage—or tem progressive for your younger workers. to allow younger workers, if they so choose, But a younger worker, whether they live to set aside some of their own money in in a blue State or a red State, ought to a personal savings account is threefold. be wondering whether or not the Congress One, they will get a better rate of return has got the will necessary to fix this prob- on their money than they’re going to get lem, because if we don’t, the system starts if the Government holds it for them. In going into the red, negative, in 2017. other words, in a conservative mix of bonds Do you realize, in 2027, the cost just and stocks held over time, the rate of re- to make good on the promises is going turn on the money, the growth of the 526 31 2005 13:57 Sep 09 2008 Jkt 206694 PO 00000 Frm 00526 Fmt 1240 Sfmt 1240 E:\HR\OC\94A XXX 94A Administration of George W. Bush, 2005 / Mar. 30 money, the fact that it’s going to be grow- very powerful word describing much of our ing in a compounded way is going to be social safety net, ‘‘unsustainable.’’ greater. The President. Yes. Mr. Mickelson. Even if they haven’t paid Mr. Mickelson. We can’t do it. Demo- in as much, initially, to push them into graphically, as you mentioned earlier, we that progressive recipient category in which aren’t reproducing ourselves. they now exist? The President. Right. The President. Well, you can do both. Medicare/Healthcare Savings Accounts First of all, it’s more progressive, by the Mr. Mickelson. The same logic that you way, if you get a greater rate of return applied aptly to Social Security also applies on your money than if you don’t. But you to our medical delivery system. can also make sure the benefits that end The President. That’s right. up being determined by Congress—in Mr. Mickelson. Can we also move to the other words, the benefits that the Govern- ownership concept in that, in medical IRAs, ment can afford—they’re progressive in na- and make those universal, maybe using ture as well.