Wednesday, April 06, 2005

Bush Plan: Social Security Benefits Vanish For Some

Remember...there is no crisis in Social Security, except the "crisis" manufactured by George Bush.

Social Security can pay full benefits for another 35 years at minimum, and likely another 45 years. And with no change at all, it can pay 70% of benefits for another 40 or so years after that. With a modest increase in the payroll tax salary cap, benefits will be paid for more than a century with no other changes

George Bush has clearly admitted that privatization does nothing to help pay future Social Security benefits. In act, it makes the situation significantly worse.

Be sure to read my Simplifying Social Security Proposals: 16 Facts that Make It Clear.
Bush plan may end Social Security checks
The Associated Press, 6:59 p.m. ET April 6, 2005

"Future high-wage earners could see their traditional Social Security checks replaced by the proceeds of the personal investment accounts proposed by President Bush, according to a report by the Congressional Research Service, the nonpartisan research agency used by Congress.

The traditional checks would disappear as the result of two factors: the cut in benefits the president has proposed for all people who open private accounts, and a change that would diminish checks by linking their growth to prices instead of wages, an option the president has said he would consider.

Both trends would have the effect of eliminating the Social Security check for a hypothetical group: someone born next year who goes on to a career as what Social Security considers a “scaled high earner,” which this year is a person with annual average earnings of $56,091."

No comments: