For Immediate Release
Office of the Press Secretary
March 17, 2003
Statement by the President
On the 2003 Report of the Social Security Trustees
I commend the Social Security Board of Trustees for their hard work on their annual report.
As in last year's report, the Trustees confirmed that benefits for
today's seniors are safe and secure. Promises made can and will be
kept. The Trustees also once again have delivered a sobering message
-- Social Security, in its present form, is unsustainable for the long
term. I share the Trustees' view that we need to explore new ways to
ensure that Social Security remains strong and financially secure for
America's children and grandchildren.
I am encouraged by the unprecedented level of bipartisan interest
in Social Security modernization. Many comprehensive proposals have
been put forward to strengthen Social Security for the long term.
Although these proposals differ in details, they are consistent in
showing that if we give workers the opportunity to invest a portion of
their wages in personal accounts, Social Security will be able to offer
higher benefits than would otherwise be the case.
To repeat what I told Congress in the State of the Union address
this year: "As we continue to work together to keep Social Security
strong and reliable, we must offer younger workers a chance to invest
in retirement accounts that they will control and they will own."
Social Security protects beneficiaries with disabilities, retirees,
widows, and widowers. It also affects the lives of millions of
taxpaying workers, the beneficiaries of tomorrow. As the report makes
clear, Social Security faces long term problems that demand bipartisan
solutions.
I hope that Members of Congress will join with the Social Security
Administration and other interested parties in a national dialogue
about how best to strengthen and protect Social Security. I look
forward to working with Congress to see that Social Security remains
sound and strong for today's and tomorrow's retirees.
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