WASHINGTON, Feb. 11 (UPI) -- President Bush said Saturday Social Security's looming insolvency cannot be ignored and urged bipartisan efforts to revamp the system now rather than later.
In 13 years the pay-as-you-go retirement system will have to tap its trust fund to meet benefit obligations as more people claim them than there are people paying into the system, he said. By 2042 that fund would be exhausted and the system bankrupt.
"We cannot pretend that the problem does not exist," Bush said in his weekly radio address.
The remarks were a concise reprise of arguments he presented in the American heartland during the past week in an effort to drum up public support of the problem to pressure Congress to take action.
Bush has not presented a blueprint yet, and neither has Congress, but Bush said all ideas should be looked at, including limiting benefits for wealthier retirees, indexing benefits to prices and raising the retirement age.
But the president said three principles must be followed: No cuts in benefits for current retirees or those nearing retirement, no increase in taxes and establishing a personal investment account component of Social Security.
"Reforming Social Security will not be easy," Bush said, but "our children's retirement security is more important than partisan politics."
