The Black Chronicle, Oklahoma City

Social Security private accounts?

Oklahomans, simply, don't support them.

7/15/05

According to recently released polls, Oklahomans (who, incidentally, voted overwhelmingly for the election and then the reelection of President George W. Bush), simply, do not support the president’s proposal to partially privatize Social Security.

The latest Oklahoma Poll, conducted from June 23-June 27, found that 58 percent of those surveyed believe that Social Security should be left as it is now.

The survey was of 750 registered voters statewide and was conducted by the Sooner Poll organization.

Under varying estimates, those surveyed were told; Social Security should be sufficient to pay full benefits until between 2042 and 2052.

President Bush has proposed allowing workers younger than 55 to invest part of their Social Security contributions in the stock market, which would require an increase in administrative costs.

Those surveyed were asked whether they prefer to leave Social Security as it is now or to borrow the money to set up a system to let workers younger than 55 invest in private accounts.

Fifty-eight percent said Social Security should be left alone, and 30 percent said the money should be borrowed to establish a private account system for those younger than 55.

Twelve percent of respondents did not offer an opinion.

A poll consultant noted that respondents overwhelmingly believe that workers with incomes of more than $90,000 also should be subject to Social Security taxes. Nearly 80 percent said this should be the case, while only 13 percent disagreed. The remaining 7 percent were undecided.

Although neither gender showed high support for private accounts, more men than women endorsed the idea.

The support for private accounts was highest among those making $75,000 or more annually.

However, while 41 percent of respondents in that income bracket endorsed the Bush proposal, 49 percent said Social Security should be left alone.

Those making more than $75,000 annually are apt to have alternative savings accounts already, the survey said. Poll results show that, the lower the income, the more support for leaving Social Security alone.

Along political party lines, 48 percent of the Republicans surveyed supported the president’s proposal and favored allowing private accounts, compared with only 15 percent of Democratic respondents.

Thirty-nine percent of the Republicans and 75 percent of the Democrats polled said the system should not be changed.

Those who identified themselves as conservatives from both major parties were on both sides of the issue.

Forty-seven percent of conservatives favored leaving the system as it is, for example, while 41 percent of them favored private accounts.

Eighty-five percent of those who identified themselves as liberals and 65 percent of those who identified themselves as moderates said Social Security should be left as it is.

Survey respondents also oppose raising the retirement age in an effort to rescue the Social Security Program.

The retirement age to collect full benefits is gradually increasing from 65 to 67, and it will reach 67 in 2027 under current plans.

Finally, survey respondents were asked whether the age at which a retiree can receive Social Security benefits should continue to rise as life expectancy increases.

Of those polled, 60.4 percent said that age-level should not rise and 32.4 percent said that age-level should.

We hope the president is listening.

© The Black Chronicle