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Losing Under the Bush Plan

In its primary plan, President Bush's commission on Social Security proposed to slash the guaranteed portion of Social Security by 16% for people who retire in 2022 and who had previously opted for private accounts; the cuts would increase to 40% for those who retired in 2042 and by 62% for those in 2075. To sell those deep cuts, the commission touted the benefits of private accounts, which would require the federal government to borrow several trillion dollars over the next three or four decades. (The additional borrowing would stop once benefit reductions exceeded the new funds going into private accounts.)

Even with the commission's overly optimistic projections of returns on private accounts, future retirees would lose big under the commission's plan. The combined income from guaranteed benefits and these new private accounts would fall 7%, 12%, and 23% short of the benefits scheduled under current law for 2022, 2042, and 2075, respectively. By their own admission, the commission's privatization proposal would cut benefits significantly

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