Could somebody explain what exactly Bush's SS plan will do to me?

[PlanetBev]

I didn't watch that idiot last night, the sound of his voice and his face are more than I can bear. I heard on the new tonight that it would affect anybody born after 1949. That's just swell, I was born in 1950. Exactly how deeply will I and 80,000,000 other baby-boomers be fucked? And is there any groundswell of panic out there? Or are American's going to continue to take this up the ass?

[sarcasmo]

1. My understanding is Income less than 35,000 safe over that screwed.

[PlanetBev]

2. I am presently making $40,000 a year

Guess I'd better bend over.

[finecraft]

6. No, its more like $20,000 - $25,000

http://news.yahoo.com/news?tmpl=story&u=/ap/20050430/ap_on_go_co/social_security

"Benefits would be cut for all workers whose annual earnings are more than $20,000 a year," Democrats on the House Ways and Means Committee estimated.

[salib]

3. "His" plan is to spend it all long before too many more

can get a piece of the action. Solvency of SS? Who is he kidding. He does not care one wit. He has NO compassion. No consideration. Just greed and obligation to the greedy who long ago bought his soul.

He is spending it all, and will spend more and more. He must go! We must beat these asses!

[havocmom]

7. He already spent it. Figured it as part of the general fund to find

a reason to give the top 1% a big tax cut: Hey, look, there is too much $$ here! We HAVE to give it back! Put a fist full of IOUs in the SS trust fund and has to find some way to hide the fact that he robbed the working class to give his pals more $$ for blow.

[Frances]

4. Do you think that Bush's social security plan

and high gas prices will cause some people to take off their Bush stickers on their SUVs.

I feel like sticking a note under the windshield wiper of those vehicles saying: SUCKER--you deserve these high gas prices!

[Bryn]

5. I was born in 1950 also

It sucks!! But I doubt Bush will get his way. I hope not. We're 55 this year yet we're fucked according to Bush which is ridicious (I will be 55 in 3 months) I suppose we ought to get out our pitchforks and be ready to fight! :P

[PlanetBev]

9. Hi Bryn!

I'll be 55 in November. I lulled myself into thinking we would escape this Rovian Fuck. I don't think Bush will get his way either, but I don't know. This snake seems to slither through every fucking time.

[Robbien]

8. Since there still is no written plan, there is no sure way of knowing

and since you were born in 1950, you are a younger worker and automatically in the screwed class.

[finecraft]

10. Here's a synopsis of the plan Bush proposed

based on a proposal put forth by Robert Pozen.
http://www.cbpp.org/3-21-05socsec.htm

(snip) "Progressive price indexing would represent a profound shift in Social Security. Ultimately, it would lead to most workers receiving the same Social Security benefit level, regardless of how much they had paid in payroll taxes.

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.

Progressive price indexing also would require substantially larger benefit reductions for middle-class workers than several alternative approaches to restoring solvency. This would be the case because with progressive price indexing, the onus of restoring sustainable solvency is placed primarily on benefit cuts, rather than on a more balanced mix of benefit reductions and progressive revenue-raising measures.

Even if one supports making benefit cuts the primary means of restoring solvency, progressive price indexing is not well designed to achieve that goal, since it would produce excessively large benefit reductions if the economy and real wage growth perform better than expected and insufficient savings if the economy performs more poorly than expected." (end snip)

In a nutshell- this is the way bush plans on killing the social security program.