A power steering system having two or “dual” steering ratios is provided. The power steering system includes a transmission having first and second gear ratios, a steering gear coupled to the transmission, and a power assist coupled to the steering gear for providing power assist to the steering system. In one embodiment, the power steering system is configured to operate with a first steering ratio, such as a “fast” ratio, during normal operating conditions of the steering system (e.g., when power-assist is functional), and is configured to operate with a second steering ratio, such as a “slow” ratio, during abnormal operating conditions of the steering system (e.g., power-assist is non-functional, partially functional, etc.). The second steering ratio of the steering system can provide a fail safe mode for the vehicle operator so that the vehicle can be safely steered to a suitable location (e.g., side of the road, etc.) during abnormal operations conditions of the steering system.