] The proposal to change the benefits calculation --
] adjusting only for inflation, not productivity growth --
] will dramatically cut the income-replacement rate for
] future retirees. The size of the cut will depend on when
] workers retire. The heaviest cuts would fall on the
] youngest workers. Those already retired or near
] retirement would be protected.
]
] Let's call it what it is: a tax hike
] The administration has not called this a tax increase,
] but that is exactly what it is: a massive tax hike
] reserved for the young and the young only. It is a tax
] increase because they will pay the same payroll tax but
] will receive less in benefits.
]
] The difference is who gets the money and benefits now. Older
] voters get the money, benefits and reassurances now. Our
] children and grandchildren get the shaft.
]
] Tell me, Mr. President, what's moral and good about that?

] The proposal to change the benefits calculation --
] adjusting only for inflation, not productivity growth --
] will dramatically cut the income-replacement rate for
] future retirees. The size of the cut will depend on when
] workers retire. The heaviest cuts would fall on the
] youngest workers. Those already retired or near
] retirement would be protected.
]
] Let's call it what it is: a tax hike
] The administration has not called this a tax increase,
] but that is exactly what it is: a massive tax hike
] reserved for the young and the young only. It is a tax
] increase because they will pay the same payroll tax but
] will receive less in benefits.
]
] The difference is who gets the money and benefits now. Older
] voters get the money, benefits and reassurances now. Our
] children and grandchildren get the shaft.
]
] Tell me, Mr. President, what's moral and good about that?

Now this makes sense, but I'd like to see this analysis get some peer review.