The Digital Collegian - Published independently by students at Penn State NEWS
[ Wednesday, June 29, 2005 ]

Bush focuses on Social Security

Collegian Staff Writer

President George W. Bush made his first visit to State College June 14 to promote his proposed Social Security reforms during the 76th annual National FFA Organization convention (formerly Future Farmers of America).

Bush told the crowd of 1,400 at Eisenhower Auditorium that Social Security is a major problem facing younger Americans that needs to be resolved.

"The job of being president is to confront and fix problems, and not pass them on to future presidents and Congresses," he said.

Bush said he is concerned because younger generations, who currently pay into the Social Security system, will not have a retirement fund because the system will become bankrupt in 2041.

Citizens born before 1950 will receive Social Security checks, but once that generation retires, revenue leaving the government will exceed its income.

His proposed solution is to let working Americans save part of their income tax in an account the government cannot touch.

PHOTO: Chad Woolbert
PHOTO: Chad Woolbert
President Bush speaks in Eisenhower Auditorium at the annual FFA convention held at Penn State.

"The U.S. Congress has set up a thrift savings plan, letting U.S. senators and Congress put away a conservative mix of stocks and bonds," he said. "If it's good enough for Washington, then I think it's good enough for workers."

Bush added that he hopes to expand the market for agriculture trade and decrease imports of foreign fuels.

"We need to no longer be dependent on foreign energy," he said.

Some of the guests and speakers also included Sen. Rick Santorum, R-Pa., Senator Arlen Spector, R-Pa., Gov. Ed Rendell and Penn State President Graham Spanier.

Penn State football coach Joe Paterno, a long-time Bush family friend, also attended. "We go way back," Paterno said. "It was fun to see him again."


 



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