Jim Manis on Most Anything

Jim Manis can formulate an opinion about a good many things, including those about which he has little knowledge. (And some dude named "Lazlo.") Visit The MagicFactory.

Monday, May 09, 2005

Insulting Our Intelligence: Here's how the numbers on Bush's Social Security package breakdown according to Paul Krugman:

Suppose you're a full-time Wal-Mart employee, earning $17,000 a year. You probably didn't get any tax cut. But Mr. Bush says, generously, that he won't cut your Social Security benefits.

Suppose you're earning $60,000 a year. On average, Mr. Bush cut taxes for workers like you by about $1,000 per year. But by 2045 the Bush Social Security plan would cut benefits for workers like you by about $6,500 per year. Not a very good deal.

Suppose, finally, that you're making $1 million a year. You received a tax cut worth about $50,000 per year. By 2045 the Bush plan would reduce benefits for people like you by about $9,400 per year.

Let's see, you lose a little less that ten grand a year some forty years from now, if you're one of those happy few, those brave millionaires, but in the meantime you get to save fifty grand a year. With compound interest that adds up to, let's see … Gosh, my calculator doesn't go that high. Thanks, Uncle Georgie. And all we have to worry about is Grandma eating dog food.

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