About 60 percent of U.S. residents who are not yet collecting Social Security benefits believe they never will, a poll released Friday said.
Only 40 percent of retirees surveyed by Opinion Research for CNN said they expect Social Security to be able to continue paying their full benefits.
“There have always been a significant number of Americans who thought that Social Security would not be able to pay benefits to them when they retire,” CNN Polling Director Keating Holland said. “But since 1989, when Gallup first asked this question, that number usually hovered in the mid-40s and never rose higher than 52 percent. Today, 60 percent say they will never get a benefit from Social Security.”
Social Security has a long-term problem because of the large number of baby boomers, who are starting to hit their retirement years.
This is one of those non-events that pollsters love. They’re fully aware that most Americans are completely ignorant of how Social Security Insurance is funded.
Since most Americans earn less than the capping income figure, they never realize that anyone earning more than the current cap of $106K stops paying SSA taxes when they reach that figure.
When Congress is really pressed – someday – they’ll raise the ceiling as grudgingly as they ever do when forced to tax wealthier folks at the same rate as most workingclass wage earners.
Blue Dog Democrats and Republicans will whine and use the issue of increasing taxes in their re-election campaigns. The rest of the Democratic Party will be too chickenshit to point out that egalitarian taxation ain’t exactly a bad idea.
And Social Security will keep on cranking right along. The single most efficient department in the Federal Government – operating at an administration cost of less than 3%. That’s at least 5 times better than the average American corporation.