Reply #9: AP/ Bush plan may end Social Security checks Report:: [View All]

[FreeStateDemocrat]

Higher-wage earners would no longer qualify
The Associated Press
Updated: 1:36 a.m. ET April 7, 2005
WASHINGTON - Future high-wage earners could see their traditional Social Security checks replaced by the proceeds of the personal investment accounts proposed by President Bush, according to a report by the Congressional Research Service, the nonpartisan research agency used by Congress.
The traditional checks would disappear as the result of two factors: the cut in benefits the president has proposed for all people who open private accounts, and a change that would diminish checks by linking their growth to prices instead of wages, an option the president has said he would consider.
Both trends would have the effect of eliminating the Social Security check for a hypothetical group: someone born next year who goes on to a career as what Social Security considers a “scaled high earner,” which this year is a person with annual average earnings of $56,091.
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http://www.msnbc.msn.com/id/7409401/