"If you're 20 years old, in your mid-20's, and you're beginning to work, I want you to think about a Social Security system that will be flat bust, bankrupt, unless the United States Congress has got the willingness to act now," Mr. Bush said at an event that the White House billed as a "conversation on Social Security" with ordinary citizens. ...

Many Democrats and economists say that Mr. Bush is exaggerating the problem, and that Social Security could be fixed with modest tax increases and a cut in benefits. Even without changes, Mr. Bush's critics say, the system would be able to pay three-quarters of promised benefits four decades from now, when baby boomers have long retired.

For the highest earners, Social Security is currently promising $53,411 [2004 dollars] per year for those who retire in 2080 (or $36,319 per year if Social Security can pay only 68 percent). Current maximum benefits are $21,891 per year for those who retired last year.