In One Eye

Monday, May 09, 2005
 
Krugman crunches the numbers this morning:
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. [Net gain: zero dollars per annum.]

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. [Net loss: $5,500 per annum.]

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. [Net gain: $40,600 per annum.]

... Mr. Bush likes to play dress-up, but his Robin Hood costume just doesn't fit.
Anyone who believes that the Bushies' Social Security "plan" is socially equitable obviously can't add two and two.