Poll Results: How do you feel about Social Security? - CATO Institute
In one of the most comprehensive analyses we’ve seen lately, the Cato Institute, in this article, provides a very detailed and comprehensive evaluation on how Americans of all generations view the Social Security program. And the picture is not particularly rosy! While a large majority (83%) have a generally positive view of the Social Security program, many – especially those in the younger generations – do not believe the program will be there for them when they eventually retire. And even more disturbing, many (about 70%) believe that the program will likely need to cut future benefits, and feel that Congress has not managed the Social Security program at all well. These are unappealing findings, especially considering that Social Security program reform needs to occur soon. Many of the best reform options under consideration are the ones most disliked by the public – a foreboding sign of weakness when it comes to public support of Social Security reform. Nevertheless, hard choices will need to be made soon in order to salvage this critical anti-poverty program, which only has about 7 years until all of its asset reserves are depleted, resulting in an across-the-board cut of about 23% in everyone’s monthly benefit. Message to Congress: It’s time to stop kicking the can down the road (as they have been doing for decades), and make the hard choices to reform Social Security now. Discover how the public feels about Social Security and the reforms needed, in this CATO Institute article by Emily Ekins and Hunter Johnson.
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized to meet the demands of 21st-century economics. AMAC’s position is that this can be achieved without payroll tax increases via relatively slight program modifications, including cost-of-living adjustment (COLA) process changes and modifications to the formulas for calculating payments to higher-income beneficiaries. Changes to the age for maximizing benefits are included in AMAC’s position, along with (1) an increase in the thresholds where benefits are subject to income tax; (2) changing the taxable maximum formula to address the “income dispersion” issue; (3) indexing of these thresholds annually to account for inflation; (4) improving survivor benefits, (5) eliminating the reduction in benefits for those choosing to work before full retirement age; and (6) improving savings tools for future retirees, including a savings account that builds estate value. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade. See AMAC’s proposal for Social Security reform here.