From FactCheck.org:
It’s not Bush’s plan, and it wouldn’t cut benefits.
Summary
A Kerry ad claims “Bush has a plan to cut Social Security benefits by 30 to 45 percent.” That’s false. Bush has proposed no such plan, and the proposal Kerry refers to would only slow down the growth of benefits, and only for future retirees. It was one of three possible “reform models” detailed by a bipartisan commission in 2001.
The ad also says nothing about what Kerry would do to address the troubled state of Social Security finances. Unless taxes are increased, the system’s trustees say currently scheduled benefits would have to be cut 32%