It's amazing that I, a born again liberal Republican hater, would agree that cutting social security benefits is a good idea. Truth of the matter is though, it's positively brilliant. Alan Greenspan hit the nail on its proverbial head
when he suggested the move.
Let me explain...
My position isn't, of course, that social security is a burden on America. Truth is, it is a fair way to compensate Americans who have worked hard their whole lives and contributed to the pot for the past 40 years. The truly awesome notion behind this is exactly how political this can become. Rural based conservatives and most swing voters aren't usually referred to when they speak of pentacles of fiscal planning and they DO (and WILL) depend on social security for their retirement (and for whatever crazy farm or backyard-NASCAR related mishaps they encounter). Fact is, once it is revealed that the wealthy don't actually pay social security above $87,000 how would they respond? What about the reason they lost their social security? So the relatively few who have substantial earned income from capital gains are paying the lowest taxes they ever have? Bahh, it would be a dull one - enough at least to swing their votes away from Bush.
I don't suppose the reaction will be amicable regardless. Sure, Bush says 'maybe later' but later may well be after the next election cycle.
As for me, I'm set. I'm just a liberal with a financial planner who realizes that the suggestion is far better for America then the implementation. It would justly screw Republicans out of their social security income while unjustly screwing those who have been loyal to the system and those who have politically supported it. Sadly, we cannot punish the 'guilty' without punishing the 'innocent' and I do whole heartedly disagree with this suggestion, but it does put me in a unique position when I'm arguing with a republican who's in their mid 40's. Just try it: "I agree with the president on this one and want to temporarily suspend social security for your generation to maintain the current tax rates... and screw you if you want to raise someone else's taxes you dummy."