The neocon dream of demolishing Social Security is near
Posted: Fri Apr 29, 2005 12:27 pm
So, last night Bush embraced the notion of progressive indexing for SS benefits. This, in a nutshell, destroys Social Security, transforming it from a egalitarian retirement/insurance safety net into an expensive welfare system. For most people, this will result in a loss of benefits *greater* than what is currently projected if nothing at all is done.
That's right, this is yet another Bush proposal to "save" Social Security that is actually worse that what he is supposedly "saving" us from.
The end result will be that everyone will get the same (small) benefit no matter how much they paid in. Details here (link courtesy of Atrios):
http://www.cbpp.org/3-21-05socsec.htm
Important quote from the above (emphasis mine):
Make no mistake -- Bush's goal is to so profoundly cripple Social Security that we'll be forced to take it out behind the barn and shoot it. That would be his victory.
Ryan
That's right, this is yet another Bush proposal to "save" Social Security that is actually worse that what he is supposedly "saving" us from.
The end result will be that everyone will get the same (small) benefit no matter how much they paid in. Details here (link courtesy of Atrios):
http://www.cbpp.org/3-21-05socsec.htm
Important quote from the above (emphasis mine):
If private accounts are added to the equation and are paid for by additional benefit reductions, the results become even more extreme. If progressive price indexing were combined with the President’s private accounts proposal, workers with average incomes of $90,000 or more would eventually receive no Social Security benefits at all. It is unlikely that a Social Security system structured in this manner would remain politically sustainable over time.
Make no mistake -- Bush's goal is to so profoundly cripple Social Security that we'll be forced to take it out behind the barn and shoot it. That would be his victory.
Ryan