Saturday, April 30, 2005

You Will Not Retire Into Poverty...Not!

I'll keep this short, since a lot already has been said about Mr. Bush's recent press conference. According to the official transcript, he said this:
By providing more generous benefits for low-income retirees, we'll make this commitment: If you work hard and pay into Social Security your entire life, you will not retire into poverty.
That sounds good, but is obviously false. Someone who works their entire life at the same job, but who works at or near minimum wage, is already living in poverty. If Social Security replaces 49% of their income, as the current plan calls for, they certainly will retire into poverty.

The only way the President's "commitment" could be kept, would be to specify that Social Security would pay the equivalent of a living wage.