I just have to say it.
OK. So if we don't do anything, the current Social Security system will run out of money in 2041 and only be able to pay (worst case scenario) 70% of the promised benefits. Bush calls that "Bankrupt."*His solution? Cut the benefits before 2041 by about 40% by holding benefits to current levels rather than letting them increase with increased wages - Oh, and cut even more by "means-testing" the benefits for the middle class and higher so that they get even less.
Mind you, in 2041 the projections indicate that the 70% of promised benefits is more than if we do as he stated and pay "as much as beneficiaries are getting today."
And that saves the system from becoming "Bankrupt?"
More likely it means the trust fund never has to be paid back the money that has been borrowed to cover his tax cuts for the wealthy.
[* I don't think he has a clue what it means to be Bankrupt. It is a buzz word, or even a scare word that he is using to rush his audience into a self-defeating set of decisions.]
posted by Richard @ 1:11 AM
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