President Bush Explains Social Security Reform

Posted on February 8, 2005

President Bush has been talking about social sceurity reform in Florida. Atrios gives the heads up to the most enlightening part of President Bush's speech to seniors in Florida to explain what in the world he means by social security reform.

(Question from crowd) --[I don't] really understand how is it the new plan is going to fix that problem?
THE PRESIDENT: Because the -- all which is on the table begins to address the big cost drivers. For example, how benefits are calculate, for example, is on the table; whether or not benefits rise based upon wage increases or price increases. There's a series of parts of the formula that are being considered. And when you couple that, those different cost drivers, affecting those -- changing those with personal accounts, the idea is to get what has been promised more likely to be -- or closer delivered to what has been promised.
Does that make any sense to you? It's kind of muddled. Look, there's a series of things that cause the -- like, for example, benefits are calculated based upon the increase of wages, as opposed to the increase of prices. Some have suggested that we calculate -- the benefits will rise based upon inflation, as opposed to wage increases. There is a reform that would help solve the red if that were put into effect. In other words, how fast benefits grow, how fast the promised benefits grow, if those -- if that growth is affected, it will help on the red.
Okay, better? I'll keep working on it. (Laughter.)

It's crystal clear to me. I don't know why that questioner is so negative. He must be part of the freedom-hating, reality-based community. I think President Bush could land a cushy gig at MIT after his term is up -- lecturing on theoretical physics, perhaps. And, in a related newsflash, not even Stephen Hawking could make this proposed Social Security "reform" plan make any kind of sense.