Princeton economist and NY Times op-ed columnist Paul Krugman weighs the combined effect of Bush's first-term tax cut and his second-term proposed Social Security "reform" and finds as follows:
Let's consider the Bush tax cuts and the Bush benefit cuts as a package. Who gains? Who loses?
Suppose you're a full-time Wal-Mart employee, earning $17,000 a year. You probably didn't get any tax cut. But Mr. Bush says, generously, that he won't cut your Social Security benefits.
Suppose you're earning $60,000 a year. On average, Mr. Bush cut taxes for workers like you by about $1,000 per year. But by 2045 the Bush Social Security plan would cut benefits for workers like you by about $6,500 per year. Not a very good deal.
Suppose, finally, that you're making $1 million a year. You received a tax cut worth about $50,000 per year. By 2045 the Bush plan would reduce benefits for people like you by about $9,400 per year. We have a winner!
Isn't it ironic that most of the $17k a year crowd live in the red states, while essentially all of the $1 million-plus crowd live in the blue states, which voted against all of this? Can you say "hoodwinked"? Krugman concludes:
[T]he privatizers consider four years of policies that relentlessly favored the wealthy a fait accompli, not subject to reconsideration. Now that tax cuts have busted the budget, they want us to accept large cuts in Social Security benefits as inevitable. But they demand that we praise Mr. Bush's sense of social justice, because he proposes bigger benefit cuts for the middle class than for the poor.
Sorry, but no. Mr. Bush likes to play dress-up, but his Robin Hood costume just doesn't fit.
In fact, them tights are starting to fall off. Details here from the New York Times.