Social Insecurity

So, Mr. Bush is proposing changing the formula that sets initial Social Security benefits be changed to reflect the inflation rate rather than the wage rate.

And since inflation generally increases more slowly than wages, that can only mean one thing: We're Screwed.

"It's like saying elderly people today should live at a 1940 standard of living," said Robert Greenstein, executive director of the liberal Center for Budget and Policy Priorities. "Part of our social contract has been to allow seniors to participate in rising standards of living rather than consigning them to some second-class status in retirement."

The Washington Post has a nice little diagram about half-way down displaying just how screwed you are, given your projected retire date.

And then there's this juicy morsel I've seen oft-quoted in the blogosphere:

"This is going to be very much like sticking your hand in a wasp nest," said David C. John, a Social Security analyst at the conservative Heritage Foundation and an ally of the president. "And the reaction will be similar."