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 Clinton Kicks Off Social Security Debate (04-07-98)


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Americans Skeptical About Social Security Crisis

Opinions on future of retirement system vary with age

By Keating Holland/CNN

WASHINGTON (April 10) -- Most Americans do not think there is a crisis in the financial condition of the Social Security system, but people under the age of 65 think Social Security will go bankrupt before they retire, according to a new CNN/TIME Poll. And most of them don't think they would be able to save enough money to retire on if Social Security no longer existed.

Only 31 percent say that the system is currently in crisis; a majority say that there are problems, but not a crisis.

The public opposes raising Social Security taxes, cutting benefits, or hiking the retirement age to shore up the system. But 60 percent support the idea of allowing workers to put some of their payroll taxes into private investments such as the stock market, and 80 percent say that if such investments were allowed, individual workers, not the government, should control those investments.

A full 59 percent say they would do so themselves if they were allowed to. Of course, that's easy to say in a week when the Dow Jones industrial average topped 9,000.

Americans are more bullish on the stock market than in previous years. Fifty-seven percent say that, if they had $1,000 to spend, it would be a good idea to invest it in the stock market.

The public is not sure that President Bill Clinton and Congress will be able to fix Social Security. Forty-three percent of people surveyed believe a fix is likely, but 46 percent don't think Clinton and Congress will be able to put a solution into place.

The results are based on interviews with 1,011 adults on April 8-9, and the survey has a margin of sampling error from +/- 3 to 8 percentage points, depending on the question. Some questions were asked of the entire sample, but some only to people under 65.

Here are the numbers:

Financial Condition of Social Security System
Crisis 31%
Problems, but not crisis 55
No problems 10
All Americans
Sampling error: +/-3% pts
Will Social Security Go Bankrupt Before You Retire?
Yes 54%
No 42
Asked of Americans under age 65
Sampling error: +/-3.5% pts
If Social Security Did Not Exist, Could You Save Enough To Retire?
Yes 44%
No 52
Asked of Americans under age 65
Sampling error: +/-3.5% pts
Allowing Workers To Invest A Portion of Social Security Taxes
Favor 60%
Oppose 35
All Americans
Sampling error: +/-3% pts
Who Should Control Social Security Investments?
Individuals 80%
Government 14
All Americans
Sampling error: +/-3% pts
Would You Invest a Portion of Social Security Taxes If Allowed?
Yes 59%
No 35
All Americans
Sampling error: +/-3% pts
Investing in Stock Market Is a Good Idea
Now 57%
1994 38
1990 26
All Americans
Sampling error: +/-3% pts
Will Congress and Clinton Be Able To Fix Social Security?
Yes 43%
No 46
All Americans
Sampling error: +/-3% pts

Sentiments vary with age

How you feel about Social Security depends a lot on how old you are. People under 35 think that the Social Security system is unfair to people their age, while Baby Boomers are split, and people over 50 think the system is fair.

Support for the proposal to allow workers to invest a portion of their Social Security taxes privately drops with age, although only people old enough to actually be getting Social Secruity benefits oppose that change. How far you are from retirement is a major factor in attitudes toward Social Security.

Americans under 35 will not retire for 30 years, so they are most likely to say that Social Security will go bankrupt before then. But with 30 years of advance notice, they are also most likely to say they would be able to save enough to retire if Social Security did not exist.

People between age 50 and 64 are most worried about saving enough for retirement, but are confident that Social Security will not go bankrupt. People between 35-49 years old are in the worst position. They are convinced that Social Security will go bankrupt, but worried they would not be able to save enough for retirement without it.

Is Social Security Fair To People Your Age?

Yes No
18-34 years old 41% 52%
35-49 years old 46 45
50-64 years old 61 27
Over 64 years old 80 15
Sampling error: +/-8% pts
Favor Allowing Workers To Invest A Portion of Social Security Taxes
18-34 years old 69%
35-49 years old 63
50-64 years old 55
Over 64 years old 41
Sampling error: +/-8% pts
Social Security Will Go Bankrupt Before You Retire?
18-34 years old 67%
35-49 years old 57
50-64 years old 23
Sampling error: +/-7% pts
If Social Security Did Not Exist, You Could Save Enough To Retire
18-34 years old 47%
35-49 years old 43
50-64 years old 38
Sampling error: +/-7% pts
In Other News

Friday April 10, 1998

Clinton Praises Northern Ireland Peace Pact
Starr To Investigate Cash Payments To Hale
Judge Extends Deadline For Starr To Justify Bookstore Subpoenas
White House Staffer Arrested

Polls:
Clinton Should Be Ashamed Of His Personal Conduct
Americans Skeptical About Social Security Crisis
Tax Code Too Complex


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