Tuesday, January 04, 2005

Cut benefits by one-third: The Bush "final solution" on Social Security 

At last, some detail. It's bad:

[Under Bush's propopsed change to the benefit formula,] according to the Social Security Administration's chief actuary, a middle-class worker retiring in 2022 would see guaranteed benefits cut by 9.9 percent. By 2042, average monthly benefits for middle- and high-income workers would fall by more than a quarter. A retiree in 2075 would receive 54 percent of the benefit now promised.

A former senior administration official who recently discussed Social Security strategy with Bush aides said the change in the indexing formula "is assumed to be a part of any final solution."

"You've got the bitter medicine of changing the indexing, but to go along with that you've got the sweetener of the accounts," the former official said.
(via WaPo)

How Mary Poppins-esque. "A spoonful of sugar makes the medecine go down..."

Still, I don't think the Republicans are the ones to be talking about a "final solution." Eh? Or, maybe they are....

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