Americans Disagree With Social Security Cuts To Trim Deficit

The firm GfK Roper had a poll they did that was funded by AARP explaining that American’s don’t like the idea of helping the National deficit by cutting Social Security. The Huffington Post reports that polls results show that 85 percent of adults are against cutting Social Security. 72 percent were shown within the survey to “strongly oppose” social security. Resource for this article – Americans disagree with Social Security cuts to trim deficit by Personal Money Store.

‘Me first’ is the typical answer from everyone receiving Social Security

For a 75-year-old Social Security system that has received an excellent deal of criticism, such support may seem surprising. However, considering that AARP funded the poll and many AARP members are or are about to begin collecting Social Security benefits, possibly it all makes sense. 57 percent of anyone under the age of 50 answering the survey said they would rather pay higher payroll taxes with a Social Security guarantee than be paying what they’re now and not being certain of what could be received. Those within the future will certainly have to deal with this deficit when the “Baby Boomer” generation lays back and soaks in all the money being handed to them.

Working with a big trust fund

Since Social Security is definitely not probably the most sustainable program, the Obama administration is trying to figure out how to proceed to change things. The majority are concerned they won’t get their Social Security anymore. Right now, taxes can’t cover the program and while privatization is a solution being looked into for the younger generation, Baby Boomers would end up losing all their money they live off of.

Social Security needed to stay afloat for two-thirds of American’s

While two out of three Americans fear the direct effect that cutting Social Security would have on their budgets within the golden years, a whopping 80 percent are wary of indirect financial stress such action would cause families of fixed-income retirees. Numerous people are just concerned that things will turn into “poor house” or “debtors’ prison”. However, nearly 80 percent of “the sky is falling” types don’t even know – as outlined by the poll – that if the Social Security trust fund is in fact drained, they’ll nevertheless receive benefits, just at a slightly lower level.

Further reading

Bestyears.com

bestyears.com/parentstold.html

AARP survey

aarp.org/work/social-security/info-08-2010/social_security_75th.html

Cato Institute

cato.org/social-security

Huffington Post

huffingtonpost.com/2010/08/11/public-opposes-cutting-so_n_678374.html

Social Security Online

ssa.gov/

Milton Friedman on the Social Security myth

youtube.com/watch?v=rCdgv7n9xCY