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Here's how much Bush's SS plan would screw workers

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quaoar Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-28-05 09:42 PM
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Here's how much Bush's SS plan would screw workers
This is from a NY Times story explaining how progressive indexing would work:


Calculations by the actuary of the Social Security Administration show, for instance, that those who are now 17 years old and earn average wages all their working lives would receive Social Security benefits 20 percent lower than what they could expect under current law when they retire in 2055. The average annual wage this year is about $36,000.

People who earn somewhat more than that in their working years the equivalent of $59,000 this year would receive a 30 percent reduction. And people who earn the equivalent of $90,000 and more would have a reduction of almost 40 percent when they retire in 2055.

On the other hand, workers with the lowest wages those who earn about $25,000 or less would not face a benefits cut.
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deadparrot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-28-05 09:43 PM
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1. But how many benefits do they (the poor) get in the first place? nt
Edited on Thu Apr-28-05 09:44 PM by deadparrot
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Trajan Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-28-05 09:47 PM
Response to Original message
2. WHY is this suddenly coming out now ? ...
This wasnt part of any earlier discussion by this regime ... was it ? ..

They are the 'party of ideas', allright: only the ideas come by the boatload, and arent worth a plug nickel ...

The Democrats have a GREAT idea for Social Security: SAVE IT FROM THE GOP ! .... for a start ....
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FloridaPat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-28-05 09:50 PM
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3. How about the fact all this is because of the baby boomers.
In 50 years SS will be bankrupt. In 50 years most of the baby boomers will be dead.
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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-28-05 09:55 PM
Response to Reply #3
4. But Bush said there would be 72 million of us in 2041 ???
So that means we will all be alive. I will only be 94. The youngest babyboomer will only be 77....and we will all be alive ! With the sound of music!
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FloridaPat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-29-05 09:40 AM
Response to Reply #4
6. Sounds like putting money into drugs stocks is a good plan. Imagine
all the drugs we're going to have to take for all of us to stay alive.
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LiberalFighter Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-28-05 10:22 PM
Response to Reply #3
5. They won't be dead... they will change the law and require...
everyone to be kept in a persistent vegetative state.
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goodboy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-29-05 09:48 AM
Response to Original message
7. I'd like to know what 17 yr old makes 36K/yr
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FloridaPat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-29-05 09:26 PM
Response to Reply #7
8. There were a lot of them during the dot com boom. A lot of those
guys (and they were almost 100% men) were millionaires by 25. Now that was depressing.
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