...the Bush plan on Social Security is really jaw-dropping. Even in theory it shows huge cuts in the benefits of the average worker, let alone if you were to use less rosy predictions than those the Administration cherry-picks. We're talking up to half. Check out the table over on Atrios site, taken from the Congressional Budget Office.
The way these things work is really surreal. According to the sketch in yesterday's Inquirer (can't find a decent link online), they're essentially set up as loans that the government gives you against your taxes (or something like that) and you have to repay them with interest -- thus it's even possible that you could end up owing the government money, after paying into "your own" account for decades, if you don't earn enough to beat the loan percentage rates. Some security!
Update: Pandagon skewers the proposal here, pointing out that in addition to screwing the little guy, the Bush plan actually increases the financial shortfall in the program. Yes, more!
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