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Public Opinion and Social Security Privatization
by Michael Tanner
Michael Tanner, director of health and welfare studies at the Cato Institute, is director of the Cato Project on Social Security Privatization.
Executive Summary
Although Social Security remains one of the most popular government programs,
most Americans understand that the system faces serious future financial problems
and would support privatization of the retirement system, according to the results
of a poll conducted by Public Opinion Strategies on behalf of the Cato Project
on Social Security Privatization.
Among the poll's findings:
- More than 88 percent of Americans believe that Social Security either is
in trouble today or will be in trouble within the next 20 years. Fully 60
percent of all Americans under age 65 believe Social Security will not be
there for them when they retire.
- As a result, more than two-thirds (69 percent) believe that Social Security
will require "major" or "radical" change within the next
20 years. Among younger voters, approximately half believe that major or radical
change is needed today. The support for change cuts across ideological and
party lines.
- Voters reject most traditional Social Security reforms such as raising the
retirement age, raising payroll taxes, or reducing benefits.
- Approximately two-thirds of voters would support privatization of Social
Security, transforming the program into a privatized mandatory savings program.
More than three-quarters of younger voters support privatization.
Privatizing Social Security
[ NOTE: see Figures 10 and 11.]
Index of Social Security Choice Papers
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