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Sunday, May 01, 2005Bush Social Security Plan Would Cut Future Benefits
President Bush called on Congress to curtail future Social Security benefits for all but low-income retirees in an urgent new effort to address the popular program's shaky finances.
With virtually every Democrat, as well as many Republicans, opposed to his plan for private investment accounts, Bush sought to shift the focus of the Social Security debate to a new proposal that would reduce benefits more as workers' incomes rise.
"I believe the reformed system should protect those who depend on Social Security the most," he said in a nationally televised news conference. "So I propose a Social Security system in the future where benefits for low-income workers will grow faster than benefits for people who are better off." This is the first time Bush has backed a specific plan to reduce future benefits for tens of millions of Americans. This is an interesting proposal by Bush - but I wonder how many people would think it is fair...