And we're of course going to have to consider the costs. But I want to warn my fellow citizens: The cost of doing nothing, the cost of saying the current system is OK, far exceeds the costs of trying to make sure we save the system for our children.
SCHIEFFER: Senator Kerry?
KERRY: You just heard the president say that young people ought to be able to take money out of Social Security and put it in their own accounts.
Now, my fellow Americans, that's an invitation to disaster.
The CBO said very clearly that if you were to adopt the president's plan, there would be a $2 trillion hole in Social Security, because today's workers pay in to the system for today's retirees. And the CBO said -- that's the Congressional Budget Office; it's bipartisan -- they said that there would have to be a cut in benefits of 25 percent to 40 percent.
Now, the president has never explained to America, ever, hasn't done it tonight, where does the transitional money, that $2 trillion, come from?
He's already got $3 trillion, according to The Washington Post, of expenses that he's put on the line from his convention and the promises of this campaign, none of which are paid for. Not one of them are paid for.
The fact is that the president is driving the largest deficits in American history. He's broken the pay-as-you-go rules.
I have a record of fighting for fiscal responsibility. In 1985, I was one of the first Democrats -- broke with my party. We balanced the budget in the ྖs. We paid down the debt for two years.
And that's what we're going to do. We're going to protect Social Security. I will not privatize it. I will not cut the benefits. And we're going to be fiscally responsible. And we will take care of Social Security.
SCHIEFFER: Let me just stay on Social Security with a new question for Senator Kerry, because, Senator Kerry, you have just said you will not cut benefits.
Alan Greenspan, the chairman of the Federal Reserve, says there's no way that Social Security can pay retirees what we have promised them unless we recalibrate.
What he's suggesting, we're going to cut benefits or we're going to have to raise the retirement age. We may have to take some other reform. But if you've just said, you've promised no changes, does that mean you're just going to leave this as a problem, another problem for our children to solve?
KERRY: Not at all. Absolutely not, Bob. This is the same thing we heard -- remember, I appeared on "Meet the Press" with Tim Russert in 1990-something. We heard the same thing. We fixed it.
In fact, we put together a $5.6 trillion surplus in the ྖs that was for the purpose of saving Social Security. If you take the tax cut that the president of the United States has given -- President Bush gave to Americans in the top 1 percent of America -- just that tax cut that went to the top 1 percent of America would have saved Social Security until the year 2075.
The president decided to give it to the wealthiest Americans in a tax cut. Now, Alan Greenspan, who I think has done a terrific job in monetary policy, supports the president's tax cut. I don't. I support it for the middle class, not that part of it that goes to people earning more than $200,000 a year.
And when I roll it back and we invest in the things that I have talked about to move our economy, we're going to grow sufficiently, it would begin to cut the deficit in half, and we get back to where we were at the end of the 1990s when we balanced the budget and paid down the debt of this country.
Now, we can do that.
Now, if later on after a period of time we find that Social Security is in trouble, we'll pull together the top experts of the country. We'll do exactly what we did it he 1990s. And we'll make whatever adjustment is necessary.
But the first and most important thing is to start creating jobs in America. The jobs the president is creating pay $9,000 less than the jobs that we're losing. And this is the first president in 72 years to preside over an economy in America that has lost jobs, 1.6 million jobs.
Eleven other presidents -- six Democrats and five Republicans -- had wars, had recessions, had great difficulties; none of them lost jobs the way this president has.
I have a plan to put America back to work. And if we're fiscally responsible and put America back to work, we're going to fix Social Security.
SCHIEFFER: Mr. President?
BUSH: He forgot to tell you he voted to tax Social Security benefits more than one time. I didn't hear any plan to fix Social Security. I heard more of the same.
He talks about middle-class tax cuts. That's exactly where the tax cuts went. Most of the tax cuts went to low- and middle-income Americans. And now the tax code is more fair. Twenty percent of the upper-income people pay about 80 percent of the taxes in America today because of how we structured the tax cuts.People listening out there know the benefits of the tax cuts we passed. If you have a child, you got tax relief. If you're married, you got tax relief. If you pay any tax at all, you got tax relief. All of which was opposed by my opponent.
And the tax relief was important to spur consumption and investment to get us out of this recession.
People need to remember: Six months prior to my arrival, the stock market started to go down. And it was one of the largest declines in our history. And then we had a recession and we got attacked, which cost us 1 million jobs.
But we acted. I led the Congress. We passed tax relief. And now this economy is growing. We added 1.9 million new jobs over the last 13 months.
Sure, there's more work to do. But the way to make sure our economy grows is not to raise taxes on small-business owners. It's not to increase the scope of the federal government. It's to make sure we have fiscal sanity and keep taxes low.
SCHIEFFER: Let's go to a new question, Mr. President.
I got more e-mail this week on this question than any other question. And it is about immigration.
I'm told that at least 8,000 people cross our borders illegally every day. Some people believe this is a security issue, as you know. Some believe it's an economic issue. Some see it as a human-rights issue.
How do you see it? And what we need to do about it?
BUSH: I see it as a serious problem. I see it as a security issue, I see it as an economic issue, and I see it as a human-rights issue.
We're increasing the border security of the United States. We've got 1,000 more Border Patrol agents on the southern border.
We're using new equipment. We're using unmanned vehicles to spot people coming across.
And we'll continue to do so over the next four years. It's a subject I'm very familiar with. After all, I was a border governor for a while.
Many people are coming to this country for economic reasons. They're coming here to work. If you can make 50 cents in the heart of Mexico, for example, or make $5 here in America, $5.15, you're going to come here if you're worth your salt, if you want to put food on the table for your families. And that's what's happening.
And so in order to take pressure off the borders, in order to make the borders more secure, I believe there ought to be a temporary worker card that allows a willing worker and a willing employer to mate up, so long as there's not an American willing to do that job, to join up in order to be able to fulfill the employers' needs.
That has the benefit of making sure our employers aren't breaking the law as they try to fill their workforce needs. It makes sure that the people coming across the border are humanely treated, that they're not kept in the shadows of our society, that they're able to go back and forth to see their families. See, the card, it'll have a period of time attached to it.
It also means it takes pressure off the border. If somebody is coming here to work with a card, it means they're not going to have to sneak across the border. It means our border patrol will be more likely to be able to focus on doing their job.
Now, it's very important for our citizens to also know that I don't believe we ought to have amnesty. I don't think we ought to reward illegal behavior. There are plenty of people standing in line to become a citizen. And we ought not to crowd these people ahead of them in line.
If they want to become a citizen, they can stand in line, too.
And here is where my opponent and I differ. InSeptember 2003, he supported amnesty for illegal aliens.
SCHIEFFER: Time's up.
Senator?
KERRY: Let me just answer one part of the last question quickly, and then I'll come to immigration.
The American middle class family isn't making it right now, Bob. And what the president said about the tax cuts has been wiped out by the increase in health care, the increase in gasoline, the increase in tuitions, the increase in prescription drugs.
The fact is, the take home pay of a typical American family as a share of national income is lower than it's been since 1929. And the take home pay of the richest .1 percent of Americans is the highest it's been since 1928.
Under President Bush, the middle class has seen their tax burden go up and the wealthiest's tax burden has gone down. Now that's wrong.
Now with respect to immigration reform, the president broke his promise on immigration reform. He said he would reform it. Four years later he is now promising another plan.
Here's what I'll do: Number one, the borders are more leaking today than they were before 9/11. The fact is, we haven't done what we need to do to toughen up our borders, and I will.
Secondly, we need a guest-worker program, but if it's all we have, it's not going to solve the problem.
The second thing we need is to crack down on illegal hiring. It's against the law in the United States to hire people illegally, and we ought to be enforcing that law properly.
And thirdly, we need an earned-legalization program for people who have been here for a long time, stayed out of trouble, got a job, paid their taxes, and their kids are American. We got to start moving them toward full citizenship, out of the shadows.SCHIEFFER: Do you want to respond, Mr. President?
BUSH: Well, to say that the borders are not as protected as they were prior to September the11th shows he doesn't know the borders. They're much better protected today than they were when I was the governor of Texas.
We have much more manpower and much more equipment there.
He just doesn't understand how the borders work, evidently, to say that. That is an outrageous claim.
And we'll continue to protect our borders. We're continuing to increase manpower and equipment.
SCHIEFFER: Senator?
KERRY: Four thousand people a day are coming across the border.
The fact is that we now have people from the Middle East, allegedly, coming across the border.
And we're not doing what we ought to do in terms of the technology. We have iris-identification technology. We have thumbprint, fingerprint technology today. We can know who the people are, that they're really the people they say they are when the cross the border.
We could speed it up. There are huge delays.
The fact is our borders are not as secure as they ought to be, and I'll make them secure.
SCHIEFFER: Next question to you, Senator Kerry.
The gap between rich and poor is growing wider. More people are dropping into poverty. Yet the minimum wage has been stuck at, what, $5.15 an hour now for about seven years. Is it time to raise it?
KERRY: Well, I'm glad you raised that question.
It's long overdue time to raise the minimum wage.
And, America, this is one of those issues that separates the president and myself.
We have fought to try to raise the minimum wage in the last years. But the Republican leadership of the House and Senate won't even let us have a vote on it. We're not allowed to vote on it. They don't want to raise the minimum wage. The minimum wage is the lowest minimum wage value it has been in our nation in 50 years.
If we raise the minimum wage, which I will do over several years to $7 an hour, 9.2 million women who are trying to raise their families would earn another $3,800 a year.
The president has denied 9.2 million women $3,800 a year, but he doesn't hesitate to fight for $136,000 to a millionaire.
One percent of America got $89 billion last year in a tax cut, but people working hard, playing by the rules, trying to take care of their kids, family values, that we're supposed to value so much in America -- I'm tired of politicians who talk about family values and don't value families.
What we need to do is raise the minimum wage. We also need to hold onto equal pay. Women work for 76 cents on the dollar for the same work that men do. That's not right in America.
And we had an initiative that we were working on to raise women's pay. They've cut it off. They've stopped it. They don't enforce these kinds of things.
Now, I think that it a matter of fundamental right that if we raise the minimum wage, 15 million Americans would be positively affected. We'd put money into the hands of people who work hard, who obey the rules, who play for the American Dream.
And if we did that, we'd have more consumption ability in America, which is what we need right in order to kick our economy into gear. I will fight tooth and nail to pass the minimum wage.
BUSH: Actually, Mitch McConnell had a minimum-wage plan that I supported that would have increased the minimum wage.