Bush's new plan is supposed to be good for "middle-income" earners, by Bush's rhetoric. Krugman gives the numbers, in comparison to Bush's income tax cut:
| Who are you? | What'd you get from Bush's Tax Cut? | What will Bush take from you in Social Security Benefits? |
|---|---|---|
| $17K/yr Wal-Mart Employee | nothing | nothing |
| $60K/yr office manager | $1000/yr | $6500/yr (post retirement) |
| $1M/yr Swell | $50,000/yr | $9400/yr (post retirement) |
Bush's "Social Security Plan" is benefit cuts on the middle-class.
2 comments:
You might want to rethink the middle class example:
http://timworstall.typepad.com/timworstall/2005/05/krugmans_number.html
The point of Worstall's post is that the middle class got a $1000/year tax cut, but if they invest $760 of that at a reasonable return, that will make up for the cut in Social Security benefits.
Besides the point that we have Bush giving with one hand and taking away with another -- the point of Krugman's comparison, which Worstall doesn't address, is that Bush's propoganda about "shared sacrifice" is hooey. He gives disportionate benefits to the wealthy, and disportionate "sacrifice" to the middle class.
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