Yesterday marked the beginning of the George W. Bush plan to dismantle Social Security.
The administration floated a proposal to cut benefits to future retirees by changing the way those benefits are calculated. Instead of fairly matching Social Security benefits to changing wage levels -- as has been the case for the past 30 years -- Bush wants to suddenly shift course and tie Social Security to an inflation index.
Since inflation grows at a much slower rate than wages, this proposal would significantly cut benefits for all working Americans. And these cuts are guaranteed -- whether you opt in to the Bush plan or not.
Here's what the Bush plan will mean for your retirement, according to yesterday's Washington Post:
If you retire in 2022, Bush will cut your benefits by almost 10 percent.
If you retire in 2042, Bush will cut your benefits by more than 25 percent.
In 2075, our children and grandchildren will face a staggering cut of 46 percent to their benefits.
And this is just the first step of the Republican Party's plan to dismantle the entire Social Security system that has kept generations of America's seniors out of poverty. Soon Bush will launch a $40 million TV ad blitz to convince Americans that our grandkids will be left out in the cold if Social Security is not privatized.
We will not stand by and allow that to happen.
Help us take our first step today by writing a letter to the editor of your local paper demanding that President Bush abandon his plan to cut benefits for tomorrow's retirees.
