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Dubyanomics

The Other Shoe Drops.

Surprise, surprise. “The Bush administration has signaled that it will propose changing the formula that sets initial Social Security benefit levels, cutting promised benefits by nearly a third in the coming decades, according to several Republicans close to the White House.” Administration officials claim the deficit caused by this “price-indexing” change — pegging first-year benefits to inflation rather than the rise in wages — will be made up by, you guessed it, “personal investment accounts,” a.k.a. the Bush privatization plan. Funny how Dubya neglected to mention this cut only a few weeks ago…I doubt the plan was formulated over Christmas.

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