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Updated: June 29, 2025
Yet today millions of people retire with little to live on other than Social Security. Americans living longer than ever simply must save more than ever. Therefore, in addition to saving Social Security and Medicare, I propose a new pension initiative for retirement security in the 21st century.
Now I've ordered these rights to be extended to the 85 million Americans served by Medicare, Medicaid and other federal health programs. But only Congress can pass a Patients' Bill of Rights for all Americans. Last year, Congress missed that opportunity, and we must not miss that opportunity again.
And even as we enact savings in these programs, we must have a common commitment to preserve the basic protections of Medicare and Medicaid not just to the poor, but to people in working families, including children, people with disabilities, people with AIDS, and senior citizens in nursing homes. In the past three years, we've saved $15 billion just by fighting health care fraud and abuse.
Again, I say, we shouldn't spend any of it, not any of it, until after Social Security is truly saved. First thing's first. Second, once we have saved Social Security, we must fulfill our obligation to save and improve Medicare. Already we have extended the life of the Medicare trust fund by 10 years, but we should extend it for at least another decade.
Now we must keep our economy the strongest in the world. We here tonight have an historic opportunity. Let this Congress be the Congress that finally balances the budget. Thank you. In two days I will propose a detailed plan to balance the budget by 2002. This plan will balance the budget and invest in our people while protecting Medicare, Medicaid, education and the environment.
Lloyd Bentsen, you have served America well. Beyond paying off the debt, we must ensure that the benefits of debt reduction go to preserving two of the most important guarantees we make to every American Social Security and Medicare.
We have struck down legal barriers to equality. We have improved the education of 7 million deprived children and this year alone we have enabled almost 1 million students to go to college. We have brought medical care to older people who were unable to afford it. Three and one-half million Americans have already received treatment under Medicare since July.
Some of the laws that we wrote have already, in front of our eyes, taken on the flesh of achievement. Medicare that we were unable to pass for so many years is now a part of American life. Voting rights and the voting booth that we debated so long back in the riffles, and the doors to public service, are open at last to all Americans regardless of their color.
No child should be without a doctor just because a parent is without a job. My Medicare plan modernizes Medicare, increases the life of the trust fund to 10 years, provides support for respite care for the many families with loved ones afflicted with Alzheimer's, and, for the first time, it would fully pay for annual mammograms.
But it protects education, veterans, Social Security and Medicare, and I hope you will do the same thing. You should, and I hope you will. And when we give more flexibility to the states, let us remember that there are certain fundamental national needs that should be addressed in every state, north and south, east and west.
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