Over the long run, the effects, in terms of savings to the retirement system and reduced income to many retirees, would be substantial. For average-wage earners - making around $36,500 this year - the benefit cut would be 16 percent if they reach retirement age in 2045 and 28 percent if they retire in 2075, under the approach favored by Mr. Bush. For upper-income people - making $90,000 or above this year - the benefit cut for those retiring in 2045 would be 29 percent, and for those retiring in 2075 it would be 49 percent. Low-income workers would get the entire benefit now promised to them when they retire."

There is NO PLAN. And that's the problem. This isn't something that should be hacked out in a partisan style bargaining. The plan needs to be discussed and worked out with bi-partisan support in a way that helps everyone who needs the the safety net. Clearly changes need to be made and should be made now while the Baby Boomers are still paying into the system at fairly high wages. Perhaps a compromise: with slightly lower benefits, raising the wage cap some, and raising the percentage paid in. The Boomers need to ante up in order to keep the game going.