11/09/2004 07:30:53 AM|||Toni|||Jack Kemp: Personal accounts, not benefit cuts

Looks like Congress might try to do a little magic here with Social Security changing the indexing from Wage Indexing to Price Indexing and there is a huge difference in this calculation. Make sure you understand the difference to hold ALL accountable for this in the upcoming Social Security reform. Jack Kemp in explaining this manuever keeps it simple - so read and remember.

Switching from wage indexing to price indexing would change the calculation of the initial-benefit level so that throughout taxpayers' working careers the initial level of their future retirement benefits would rise only at the same rate that prices increase. This would freeze Social Security benefits at today's levels in inflation-adjusted terms but ignore real standard-of-living increases. |||110000705346692533|||Personal accounts, not benefit cuts