Most Americans support SS reform [View All]

[ivolsky]

"Most Americans support reforming Social Security so that contributions can be invested in the stock market, but many do not like having to raise the national debt by as much as $2 trillion to pay for the new system, and a solid majority would not put their own Social Security money into stocks, according to a new Washington Post-ABC News poll."

63% of those surveyed said there would not be enough money for social security
25% thought the system was in a crisis
49% believe the system has "major problems,"
53% support allowing people to invest Social Security contributions in the stock market,
44% oppose it, the poll shows.

So, the president has not been able to convince Americans that the system is in crisis. In 1998, 34% thought the system was in crisis, now only 25% do. Support for reform has also decreased from four years ago. In 2000, 64% supported the idea and 31%opposed it.

Progressives need to frame this debate in terms of a responsibility to senior citizens. 'The President is trying to weaken social security and is undermining the trust of our seniors.' Social Security is healthy and successful. There is no crisis. According to the social security trustees, the program can pay full benefits until 2042 with no changes. The CBO puts the date at 2052.

Private accounts on the other hand, have high administration costs. According to Bush's own commission, the accounts will cost 10 times as much to administer as the current system. Also, Bush's chief economic advisor Gregory Mankiw has suggested that the Bush plan would require a large reduction in benefits. "A worker, who is 20 today, would see a cut of approximately 1/3 in his or her retirement benefit."

Social security needs to be discussed in these terms. If a 20 year old person is asked, "would you like to see a cut in your social security benefits" the answer will be no. However if he's asked "would you like to save or reform the system," the implication is that his benefits will increase and he will most likely answer in the affirmative.

more: www.politicalthought.net