Social Security is a bad deal for young workers today (Social Security Series Part 4)

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Ron Paul’s radio address Dec 27, 2010 on Social Security

Social Security Series Part 4

Ron Paul in his radio address of Dec 27, 2010 noted:

But millions of Americans now realize that the status quo is an illusion that will not last even another 10 or 20 years. The federal government cannot continue to spend a trillion dollars more than it collects in revenue each year because we are running out of creditors. Fiscal reality is setting in and the consequences may be grim, even if Congress finds the courage to take decisive action now.

Courage begins with a commitment to see things as they are, rather than how we wish they were. When it comes to Social Security we must understand that the system does not represent an old age pension, an insurance program or even a forced savings program. It simply represents an enormous transfer of payment with younger workers paying taxes to benefit the other beneficiaries. There is no Social Security trust fund and you don’t have an account. Whether you win or lose the Social Security lottery is a function of when you happen to be born and how long you live to collect benefits. Of course young people today have every reason to believe they will never collect those benefits.

Social Security is a bad deal for young workers today and they are voicing their opinions.

What do you think of the nation’s Social Security system? Do you think that by the time you retire there will be enough money in the system to pay you the benefits you are entitled to, or do you think there will not be enough money left to pay you benefits?

Responses by Age Group:
  18-30 31-44 45-60 61+ All
Yes, will be enough 18% 23% 44% 61% 36%
No, will not be enough 80% 74% 52% 29% 60%
(VOL) Not covered by Social Security 0% 0% 1% 2% 1%
DK/No opinion 2% 3% 4% 7% 4%
Source: A Washington Post-ABC News poll conducted by telephone January 12 – 16, 2005 among 1,007 randomly selected adults nationwide. Margin of sampling error for overall results is plus or minus three percentage points. Fieldwork by TNS of Horsham, PA.

Another idea to help keep the Social Security system funded would let workers put some of their Social Security savings into stocks or bonds if they wanted to. That could produce higher or lower benefits depending on how the investments perform. Would you support or oppose this stock-market option for Social Security?

Responses by Age Group:
  18-30 31-44 45-60 61+ All
Support 71% 65% 47% 35% 55%
Oppose 26% 32% 50% 58% 41%
DK/No opinion 2% 4% 3% 7% 4%
Source: A Washington Post-ABC News poll conducted by telephone January 12 – 16, 2005 among 1,007 randomly selected adults nationwide. Margin of sampling error for overall results is plus or minus three percentage points. Fieldwork by TNS of Horsham, PA.  
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