The US President George W. Bush calls for specifis cuts in future retirement benefits pointing at his desire to win over the revamp to Social Security plan.

The new approach means that benefits would grow faster for lower-income retirees than they would for wealthier ones. The «progressive indexing» of benefits proposed by Bush means that low-income workers would be better off than under the current law. Middle-income retirees therefore would see huge reductions.

"I propose a Social Security system in the future where benefits for low-income workers will grow faster than benefits for people who are better off. If you work hard and pay into Social Security your entire life, you will not retire into poverty," Mr. Bush said.

The future of the plan is still in the process of adaptation to the fierce resistance from Democrats and others who have argued that private accounts alone do little to shore up the solvency of the broader Social Security program, and actually might worsen it, according to the Wall Street Journal.