President Bush is continuing his push for reforms in the U.S. retirement system, Social Security.
In his weekly radio address, Mr. Bush said the current system is running out of money and warned that postponing reforms will burden later generations with debt, tax increases or cuts in programs.
President Bush went on to say he is open to all ideas, except increasing payroll taxes. He also highlighted a proposal to create voluntary personal retirement accounts to invest in bond and stock funds.
In the Democratic Party's response, James Roosevelt, the grandson of the U.S. president who signed the Social Security Act into law, said Mr. Bush's plan for private accounts is a risky privatization scheme. He said Mr. Bush should not be allowed to destroy what he called a "critical safety net."
His grandfather, former President Franklin Roosevelt, signed the law in 1935.