The fact is that the current Social Security benefit formula would cause benefits for future retirees nearly to double in buying power over the next 75 years, even after adjusting for inflation.
What Bush is proposing is a plan that freezes benefits at their current buying power for upper-income workers, while other workers would continue to see benefits rise faster than inflation.
Compared to the buying power of benefits paid to today's retirees, that would not be a "cut" for anybody. Compared to the rising level of benefits provided by the current formula, that would mean a "cut" for upper-income and middle-income workers. And for the bottom 30 percent of earners, those making $25,000 a year, there would be no "cut" at all.