{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Bush says \u0026#39;now is the time\u0026#39; to deal with public pension plan' data-url='/boclips/videos/5c54c0a5d8eafeecae14c544' data-video-url='/boclips/videos/5c54c0a5d8eafeecae14c544' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nBush says \u0026#39;now is the time\u0026#39; to deal with public pension plan\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. US President George W. Bush walking to podium2. Cabinet and White House officials applauding3. SOUNDBITE: (English) US President George W. Bush:\"It maybe just that the Panel on Tax and Regulatory Burden could become a beloved holiday...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. US President George W. Bush walking to podium\u003cbr/\u003e2. Cabinet and White House officials applauding\u003cbr/\u003e3. SOUNDBITE: (English) US President George W. Bush:\u003cbr/\u003e\"It maybe just that the Panel on Tax and Regulatory Burden could become a beloved holiday tradition here in Washington.\"\u003cbr/\u003e4. Crowd listening\u003cbr/\u003e5. SOUNDBITE: (English) US President George W. Bush: \u003cbr/\u003e\"I didn't come up here to Washington - and my Cabinet didn't agree to serve  - to pass problems on.  I like to confront problems. I like to work with people so that we can say that we left behind a better America after all is said and done, and I don't have that much time here in Washington.\"\u003cbr/\u003e6. Wide of hall\u003cbr/\u003e7. SOUNDBITE: (English) US President George W. Bush: \u003cbr/\u003e\"Nothing will change if you are retired or near retirement. Second, I do not believe that we should raise payroll taxes to try to fix the system. Three, I do believe that younger workers ought to be able to take some of their own money - their own payroll taxes - and on a voluntary basis set up a personal savings account.\"\u003cbr/\u003e8. Rear shot of Bush\u003cbr/\u003e9. SOUNDBITE: (English) US President George W. Bush: \u003cbr/\u003e\"People are not going to be allowed to take their money for their retirement account and take it to Vegas to shoot dice. This is going to be a managed account similar to the thrift savings plan that we Federal employees have available to us now.\"\u003cbr/\u003e10. Cutaway Bush\u003cbr/\u003e11. SOUNDBITE: (English) US President George W. Bush: \u003cbr/\u003e\"These challenges I've just discussed are important challenges. They are big agenda items, but they should be. I mean, why think little when it comes to making sure America is still the centre for excellence in the world?\"\u003cbr/\u003e12. Crowd applauding\u003cbr/\u003e13. Bush walks off stage\u003cbr/\u003eUS President George W. Bush said on Thursday that \"now is the time to confront Social Security\" to deal with a projected US 3.7 (t) trillion dollar, 75-year shortfall and give younger workers the ability to invest some of their contributions.\u003cbr/\u003eBush also promised to send Congress \"a tough budget\" early next year to hold the line on federal spending.\u003cbr/\u003eBush said he intends to ignore the traditional political perils of meddling with Social Security in order to save the system for future generations.\u003cbr/\u003eThe White House carefully hand picked all participants on Thursday's panel in support of Bush's Social Security plans.\u003cbr/\u003eBush was not specific about his own ideas for solving the problem, but he laid out a few do-or-die principles.\u003cbr/\u003eHe said that for an undefined group of seniors \"nothing will change\" in their benefit structure, that there should be no increase in payroll taxes, and that younger workers should be moved toward private accounts for some portion of their Social Security contributions.\u003cbr/\u003eThe audience chuckled as Bush added, \"With those principles in mind, I'm open-minded with the members of Congress.\"\u003cbr/\u003eIn 2018, the system starts paying out more in benefits than it collects in taxes. In 2042, the system will be able to cover 73 percent of promised benefits, according to Social Security's trustees.\u003cbr/\u003eBush is expected to propose details in January, but he won't offer specific legislation. His summit helped bolster his plans by providing a public forum.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" 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