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How Lack of Understanding Drives Perceptions of Social Security - debtdispatch.substack.com
CATO Institute’s recent Social Security survey produced results that indicate a fairly broad misunderstanding of the program’s fundamentals. For example, more than half of the 2,200 survey participants were not aware of the “pay as you go” formula used by Social Security to make payments to beneficiaries. Perhaps even more concerning is that nearly a quarter of the participants indicate that “they haven’t heard anything about Social Security’s looming insolvency.”
The survey proposed a scenario for fundamental change to Social Security: A flat benefit for all, which would raise benefits for low-wage earners and lower benefits for high-wage earners. Two versions were proposed, one framed as a way to avoid tax increases or benefit cuts, the other to equalize benefits regardless of prior income. Support for a flat benefit was popular among younger participants, but one wonders about the general lack of knowledge about how the program works and how that might influence perspectives?
In any event, this article by Romina Boccia and Ivane Nachkebia posted on debtdispatch.substack.com provides an analysis of CATO’s survey.
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