Quote from SOTU:
"Fixing Social Security permanently will require an open, candid review of the options. Some have suggested limiting benefits for wealthy retirees. Former Congressman Tim Penny has raised the possibility of
indexing benefits to prices rather than wages."
First a quick question, does anyone know how vocal Penny was about "raised the possibility"? Did he propose legislation? mention the idea in a bar?
Anyway, indexing benefits to prices rather than wages was one of Bush's possible solutions for fixing Social Security. In December 2001, it was one of the options included in "The President’s Commission to Strengthen Social Security". Chimp requested the Congressional Research Service to calculate the "Estimated Effect of Price-Indexing Social Security Benefits on the Number of Americans 65 and Older in Poverty".
They concluded that it would have sent 7 Million Seniors into poverty.
So he tries to label the plan as one proposed by Democrats.
CRS Study:
http://finance.senate.gov/press/Bpress/2005press/prb020105rpt.pdf