More on the future of those under 50 and Social Security, good luck...

[EC]

Future Social Security benefits could be cut almost in half for some younger workers under a plan President Bush is considering for overhauling the nation's retirement system. ...Social Security benefits for younger workers would be cut by 0.9 percent to 45.9 percent from traditional benefits. Investments in the personal accounts would be counted on to make up the loss in income. ... Cuts would occur by changing the formula used to calculate benefits to address the system's future shortfall. The growth in benefits would be slowed dramatically by tying them to inflation rates instead of wages. The rate of inflation grows more slowly than wages over a person's lifetime. For example, a person retiring at age 65 in 2021 with a two-earner income of $35,277 is promised $1,194 in monthly benefits, in 2001 dollars. If the formula is changed, the monthly benefit would be reduced by 0.9 percent to about $1,088 a month. The younger the worker, the more dramatic the cuts. For a person retiring at age 75 in 2075, the monthly promised benefit of $2,032 would be cut by 45.9 percent to $1,099 a month. Investments in the personal account would be expected to make up the difference.

http://www.taylormarsh.com/

[Warpy]

1. If we can STOP BUSH and his plan to loot us completely

the only thing that can cause Social Security to fail is massive unemployment. Since that would lead to massive social unrest, and possibly a violent revolution, I doubt the Bush gang would be unwise enough to pursue this course of action.