Since he took the time in his
2006 State of the Union Address to recall his failure to dissolve the Social Security system, I thought it only fair to share another recollection.
He also had a few things to say about Social Security one year ago today, in his last State of the Union Address.
This is George W. Bush, speaking in Tampa, Florida two days later, almost exactly one year ago today, on that very topic.
I feel much better now.
THE PRESIDENT: Yes, ma'am.
Q: I don't really understand. How is it the new plan is going to fix that problem?
THE PRESIDENT: Because the -- all which is on the table begins to address the big cost drivers. For example, how benefits are calculate, 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 what 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, as opposed 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.)
Oh, all right. Here's the true transcript of the 2006 SOTU. That other one was more fun though, no?