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NCPA

OVERWHELMING SUPPORT FOR SOCIAL SECURITY PRIVATIZATION

Nearly seven out of every 10 voters support privatization of the Social Security system, according to a new poll. And more than three-quarters of younger voters want to be able to take the money they now pay in Social Security taxes and invest in their own retirement accounts.

The poll, conducted by Public Opinion Strategies on behalf of the Cato Institute's Project on Social Security Privatization, consisted of interviews with 800 registered voters and revealed that:

While Social Security remains one of the government's most popular programs with two-thirds of respondents holding a favorable view of it, only 37 percent believe that the current system is fair.
Some 56 percent believe the system either is already in trouble or will be in trouble in the next five to 10 years.
Fully 60 percent of individuals under age 65 do not believe Social Security will be there for them when they retire.
And one-half of younger voters believe that major or radical change is needed today.

The support for change cuts across ideological and party-affiliation lines. Suggestions of various ways to tinker with the system -- such as raising the retirement age, increasing payroll taxes or reducing benefits -- were rejected by a majority. Analysts say they correctly perceive that such quick fixes will simply make it a worse deal for young workers, who will have to pay higher taxes for fewer benefits.

But they favored the option of privatization.

Politicians have referred to Social Security as the "third rail" of politics; but given evidence of the overwhelming popularity of the privatization option, that may change.

Source: Michael Tanner (Cato Institute), "Social Security No Longer the Third Rail?" Washington Times, August 20, 1995.

For complete information on Social Security go to http://www.public-policy.org/~ncpa/pd/pdmonth.html#XVII