How Large is the Benefit Cut in Bush's So-Called Progressive Price Indexing?

Bush Proposed a $3 Trillion Benefit Cut Largely for Middle-Class Seniors. President Bush proposed that benefit cuts be used to close 70 percent of the 75-year funding gap in Social Security. According to the Social Security Trustees, the funding gap over 75 years is $4 trillion. Bush has now proposed a $3 trillion benefit cut largely for middle-class seniors. [White House Fact Sheet, 4/28/05; Social Security Trustees' Report, 2005]