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September 03, 2004

Bush talking to actuaries

What did Bush talk about that affects the different aspects of the actuarial profession? If you watched the President's speech last night you may have noticed a few topics that could be of interest to an actuary. Granted, the speech in it's entirety applies to all Americans, but here are a few cuts from the transcript that talked about our issues and where he stands.

Question marks denote pauses in the speech, and ellipses are where text was removed.

" . . . As I've traveled the country, I've met many workers and small business owners who have told me they are worried they cannot afford health care. More than half of the uninsured are small business employees and their families. In a new term, we must allow small firms to join together to purchase insurance at the discounts available to big companies. We will offer a tax credit to encourage small businesses and their employees to set up health savings accounts, and provide direct help for low-income Americans to purchase them. These accounts give workers the security of insurance against major illness, the opportunity to save tax-free for routine health expenses, and the freedom of knowing you can take your account with you whenever you change jobs. And we will provide low-income Americans with better access to health care: In a new term, I will ensure every poor county in America has a community or rural health center.

As I have traveled our country, I have met too many good doctors, especially OB-GYNS, who are being forced out of practice because of the high cost of lawsuits. To make health care more affordable and accessible, we must pass medical liability reform now. And in all we do to improve health care in America, we will make sure that health decisions are made by doctors and patients, not by bureaucrats in Washington, DC. . . .

. . . In an ownership society, more people will own their health plans, and have the confidence of owning a piece of their retirement. We will always keep the promise of Social Security for our older workers. With the huge Baby Boom generation approaching retirement, many of our children and grandchildren understandably worry whether Social Security will be there when they need it. We must strengthen Social Security by allowing younger workers to save some of their taxes in a personal account ? a nest egg you can call your own, and government can never take away.

In all these proposals, we seek to provide not just a government program, but a path ? a path to greater opportunity, more freedom, and more control over your own life. . . "

A full verson of President Bush's speech can be read here.

Posted by Tom Troceen


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