December 21, 2004

SS IS EASY--IMMIGRATION TOUGH:

Details Cloud Support For Social Security Plan (John F. Harris and Dana Milbank, December 22, 2004, Washington Post)

President Bush has wide support for his argument that Social Security needs dramatic change to meet its obligations to future retirees, but there remains considerable skepticism about his plan to let people invest a portion of their contribution to the program in the stock market, according to a Washington Post-ABC News poll.

Since his Nov. 2 reelection victory, Bush has frequently said the results were an endorsement by voters of the most dramatic revision of the retirement program since its inception nearly 70 years ago. But the survey shows that his efforts to educate the public about the idea and convince them of the merits are at best incomplete.

A strong majority, 63 percent, do not think Social Security will have enough money to pay the benefits they are entitled to, and 74 percent think the system faces either major problems or is in crisis -- as Bush has asserted. The president also has at least general support from 53 percent of the public for the concept of letting people control some of their contributions to invest in the market.


That last number will only grow as the New Deal generation dies off.

Posted by Orrin Judd at December 21, 2004 10:59 PM
Comments

".. there remains considerable skepticism about his plan to let people invest a portion of their contribution to the program in the stock market." -- Who says savings would have to go into the stock market (though for most people, they should, considering the 1926-2003 annualized total return for the S&P 500 is over 10 percent)? Short-term equity volatility could be avoided with money-market or bond options, or tempered by use of balanced-fund investments. In any case, owning your own funds and being able to bequeath them beats being a serf in the Social Security with no legal claim whatever on your "contributions."

Posted by: Axel Kassel at December 22, 2004 12:07 AM
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