Bush Keeps Talking About Privatizing Social Security

It is hardly news anymore that President Bush speaks every chance he gets about privatizing Social Security. This is from a statement by the President at a bill signing on Thursday:

To ensure more secure retirement for all Americans we've got more work to do. We must also prepare for the impact of the baby boomer generation's retirement, and what that impact will have on federal entitlement programs like Social Security and Medicare. As more baby boomers stop contributing payroll taxes and start collecting benefits -- people like me -- it will create an enormous strain on our programs. Entitlement programs are projected to grow faster than the economy, faster than the population and faster than the rate of inflation. If we fail to act, spending on Social Security and Medicare and Medicaid will be almost 60 percent of the entire federal budget in the year 2030. And that's going to leave future generations with impossible choices: staggering tax increases, immense deficits or deep cuts in benefits.

We have an obligation to confront this problem now. The Secretary of Treasury understands what I'm telling the Congress: Now is the time to move; now is the time to do our duty. I'm going to continue to work with the Congress and call on the Congress to work with the administration to reform these programs so we can ensure a secure retirement for all Americans.