Sunday, May 01, 2005

The real numbers behind the President's Social Security benefits cut

At his new conference a few days ago, the President basically let the nation know that he's not dropping his fight for social security privatization. If you listened closely to his remarks, he announced that he supports a proposal to cut benefits cuts to Social Security and attempted to emphasize that his benefits cuts were something that would really only hurt high-wage earners. By emphasizing the affect on the upper class, the president sought to gloss-over the affect the cuts will have on middle class families (those that depend on Social Security far more than high wage earners).

The Center for Budget and Policy Priorities has a great piece analyzing these cuts. (link) The Washington Post recently wrote about the report.

A worker now earning $35,000/year and retiring in 2055, would see a 21% cut in benefits; a worker earning $58,000 now would see a 31% cut by 2055.

So, how exactly do these cuts only affect the wealthy Mr. President?

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