The other part of Bush's interruption of sweeps week

I'm not totally opposed to Bush's new concept for Social Security: lowering benefits as people's incomes increase. The major problem I see is that the plan might encourage people to move income and investments to areas of the economy that wouldn't actually count as income (I'm no expert, so I'm not sure what those would be). Above a certain income threshold, social security benefits really become unnecessary, but it's my understanding that under the current system, everyone receives them.

With virtually every Democrat, as well as many Republicans, opposed to his plan for private investment accounts, Bush sought to shift the focus of the Social Security debate to a new proposal that would reduce benefits more as workers' incomes rise.

"I believe the reformed system should protect those who depend on Social Security the most," he said in a nationally televised news conference. "So 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." This is the first time Bush has backed a specific plan to reduce future benefits for tens of millions of Americans.

What does anyone else think of this plan? Any major drawbacks?