http://slate.msn.com/id/2113055/

extract
Here's how it works: Everyone 55 and up gets to stay in the current
system. Everybody else gets their benefits cut. Bush was startlingly
blunt about this, saying, "I have a message for every American who is 55
or older: Do not let anyone mislead you; for you, the Social Security
system will not change in any way. For younger workers, the Social
Security system has serious problems that will grow worse with time."
Bush then listed off a bunch of benefit cuts that have been proposed by
Democrats in the past: "indexing benefits to prices rather than wages,"
"increasing the retirement age," "discouraging early collection of
Social Security," and "changing the way benefits are calculated."