Bush's New Twist on Social Security: Cut Benefits for the Middle Class
Posted on April 29, 2005
Well, that was a bit of an eye-opener. Last night, President Bush announced the fuzzy outlines of his plans to revamp social security. He doesn't have all the kinks worked out yet, but here are the linchpins of the plan: 1) tie benefits to prices (that is, inflation), not wages, which would produce a hefty cut in guaranteed benefits over time, 2) reduce benefits for the middle class and so-called wealthy Americans "to help the poor", and --you guessed it-- 3)private savings accounts coupled with yet more reductions in guaranteed benefits. It's certainly a novel approach. Cut benefits for the middle class; you know, the majority of Americans, those people who actually vote in elections. As Frank Newport of Gallup said, the more Bush talks about social security the more his poll numbers drop. But those in the echo chamber don't seem to hear what Americans are saying.
