| After the wrap up of the summit of the Asian | | | | The president said his plan to engage |
| Pacific Economic Cooperation (APEC) forum in | | | | Congress on this issue will be simple and |
| Santiago, Chile, President Bush held private | | | | straightforward. "I think it is an important |
| talks with Chilean President Ricardo Lagos. | | | | piece of legislation and I am looking forward |
| Mr. Bush emphasized his commitment to strong | | | | to working it. You asked me what my tactics |
| relations with Latin America. | | | | are. I am going to look for supporters on the |
| | | | hill [in Congress] and move it," he said. |
| In a joint news conference following their | | | | |
| meeting, President Bush and President Lagos | | | | Reporters also asked President Bush about the |
| hailed the benefits of the free trade | | | | looming U.S. deficit and the effect that it |
| agreement between their two nations. But a | | | | has had on the world economy. Mr. Bush said |
| Chilean reporter asked President Bush if he | | | | part of his plan to cut the short-term U.S. |
| was losing influence in the Americas to | | | | deficit involves reform of so-called |
| China. Chinese President Hu Jintao has | | | | "unfunded liabilities" such as Social |
| extended his nation's influence in recent | | | | Security and Medicare. He said Chile has a |
| months through trade talks and investment | | | | model that could be helpful in this regard. |
| projects amounting to more than $10 billion | | | | "For example, in Social Security, I talked |
| with nations like Brazil and Argentina. The | | | | about the need for personal savings accounts |
| Chinese have also sought energy and basic | | | | for younger workers as a part of a solution. |
| commodity agreements in Ecuador, Peru and | | | | Frankly, the Chilean model serves as a good |
| Venezuela. | | | | example for those who are going to be writing |
| | | | the law in the United States," he said. |
| But President Bush said he did not view | | | | |
| commerce as a, in his words, "zero sum." He | | | | Chile adopted a privatized retirement system |
| said China's growing economy offers increased | | | | in 1981 after the state-sponsored pension |
| trade opportunities to both Latin America and | | | | plan came to the brink of bankruptcy. Under |
| the United States. | | | | the system now in place, workers contribute a |
| | | | percentage of their wages to one of several |
| In regard to his guest worker program that | | | | independently managed mutual funds. Although |
| would benefit Mexican immigrants to the | | | | the Chilean plan is now considered fiscally |
| United States, Mr. Bush said he does plan to | | | | solid, critics note that it fails to cover |
| use some of what he calls his "political | | | | all workers and that even some retired |
| capital" after winning re-election earlier | | | | workers under the plan rely on government |
| this month to push for congressional approval | | | | subsidies to remain above the poverty line. |
| of the plan. "We would much rather have | | | | |
| security guards chasing down terrorists or | | | | Still, the overall success of the Chilean |
| drug smugglers than people coming to work and | | | | pension plan has attracted the attention of |
| so, therefore, I think a guest-worker program | | | | lawmakers in Washington who are seeking ways |
| is important and I look forward to working | | | | of reforming the U.S. Social Security system |
| with Congress on it," he said. | | | | before it faces crisis. |
| | | | |