Wednesday, January 5, 2005
Kerry Was Right About W's Plans To Cut Social Security Benefits...
Congratulations, America! Way to think it through!!!
From Factcheck.org (October 18, 2004):
A Kerry ad claims "Bush has a plan to cut Social Security benefits by 30 to 45 percent." That's false.
From yesterday's Washington Post:
The Bush administration has signaled that it will propose changing the formula that sets initial Social Security benefit levels, cutting promised benefits by nearly a third in the coming decades...
...White House aides have told lawmakers and aides that Bush will propose the change in the benefits 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.
|
