To avoid anticipated shortfalls in Social Security funds, Bush proposes restructuring the system by basing it partly on private accounts. "I believe the dynamics have shifted on Social Security … I believe there's a lot of young people in this country that want to see leadership, because they're pretty sure they'll never see a dime unless the system is strengthened and modernized."
Saying the system will be in the red by 2018 and broke by 2040, Bush said his first task will be to "convince Congress that we have a problem."
The first lady has her own goals for the next term as well. She said she'll continue to focus on education and encouraging more young people to pursue careers in teaching.
But, she said she wants to work with adolescents -- particularly adolescent boys. "I feel like over the last several decades maybe we've neglected boys a little bit," she told Walters.
Noting that more boys drop out of school than girls and that more girls are pursuing college degrees, the first lady told Walters, "I just think it's time for Americans to sort of shift our gaze to boys and see what we can do to nurture boys and give boys the life skills that maybe we automatically teach to girls but that I think boys are left out of."
Laura Bush said she is grateful that she and the president will have another four years to serve the country and that she feels blessed to have the privilege of living in the White House.
President Bush is still working on the speech he'll deliver at his second inauguration, but he agreed to share his thoughts with Walters on what he hopes his legacy will be.
"I hope that 50 years from now people will look back and say, 'Thank goodness old George W. stuck to his beliefs that freedom is an agent for change to make the world more peaceful and that all people deserve to be free.'"