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Social Security Formula Weighed: Bush Plan Likely to Cut Initial Benefits
The Washington Post; subscription may be requiredLink to more items from this source
Jan. 4, 2005
Excerpt: The Bush administration has signaled that it will propose changing the formula that sets initial Social Security benefit levels, cutting promised benefits by nearly a third in the coming decades, according to several Republicans close to the White House. Under the proposal, the first-year benefits for retirees would be calculated using inflation rates rather than the rise in wages over a worker's lifetime.

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