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| President Bush comments on the the economy and urges Congress to pass the energy bill. |
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NEW YORK (CNN/Money) -
President Bush said Tuesday the "economy is strong," but he urged members of Congress to reform Social Security and pass his energy bill.
"Nobody is going to take away your checks," said Bush, in a comment directed at senior citizens relying on Social Security payments. But the president said Social Security was a "serious problem" because the "pay as you go" system would cease to be effective by 2017.
Bush said Congress should ensure that Social Security will remain intact for future retirees by supporting his plan for voluntary personal savings accounts.
"We need to make Social Security a better deal for younger workers by allowing them to take some of their money and putting it in a voluntary personal savings account," said Bush, pointing out that it is the same system used by members of Congress. "It surely seems like it's good enough for workers around the country."
Citing the current unemployment rate of 5.2 percent and "all-time high" home ownership, Bush said the economy was "strong" but needed help from Congress.
"Our economy is strong, but we need to work together to make sure that we continue to have a prosperous economy," said Bush.
But Bush said members of Congress need to support his energy bill to reduce the United States' dependency on foreign oil and the CAFTA agreement to "keep jobs in America" by allowing 80 percent of American exports to Central America to be duty-free.
"Now they need to resolve their differences and get me a bill before the August recess," said Bush. "That's what the American taxpayers expect and that's what I expect."
The president also said that Americans should view China, with its growing fuel consumption and job creation, as a "market opportunity" and an ally in negotiations with North Korea over nuclear disarmament. But he also urged China to comply with the rules of world trade and to respect freedom.
"Any hopeful society is one in which there isn't just economic freedom," said Bush. "There's religious freedom and freedom of the press."
For more news on the economy, click here.
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