Americans willing to pay more for Social Security
Posted on 07 February 2013
By Mark Miller
Permanent URL of this article: http://retirementrevised.com/money/americans-willing-to-pay-more-for-social-security
Suppose a pollster asks you this question about Social Security reform:
“Social Security will only be able to pay 75 percent of benefits after 2033 if Congress fails to act. That can be fixed by cutting benefits or by increasing taxes. Which do you favor?”
If you are a member of Washington’s political class or a corporate chieftain, you probably favor the benefit cuts. People are living longer, you might reason, so we should raise Social Security’s retirement age, reduce inflation increases or cut benefits for the wealthy through means testing.
But the public has a very different answer, according to a survey released last week by the National Academy of Social Insurance (NASI).
The survey finds a strong majority of us favor paying higher taxes to restore Social Security’s long-term solvency. Learn more at Reuters Money.
Download the full survey results at NASI’s website.
NASI analyst Jasmine Tucker talked about the study on Feb. 14th on MSNBC’s The Cycle.
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