Americans want retirement security, not politics

Americans are not buying most of the arguments by President Bush to privatize Social Security. They definitely do not agree with the President that there is a "crisis", but being very reasonable, they realize that something needs to be done to make the system better. However, there is no support for any of the President's proposals to reform Social Security. These findings come from surveys jointly conducted by The Washington Post, Kaiser Family Foundation, and Harvard University and another survey conducted by Gallup poll. (Related article: Are Americans prepared for retirement, though?)

It will not delight the marketing team for President Bush to know that since he started to make his sales pitch for privatization of Social Security, the number of those who think that there is a crisis has actually gone down. In 1997, for example, one in three Americans thought there was a crisis; that number has now dropped to just one in four. (Related article: Support slipping for personal retirement accounts)

Interestingly enough, Americans are saying exactly opposite things that the president has been saying in speeches that seem so similar to how he successfully misled Americans on weapons of mass destruction (WMD) prior to the Iraq war:

• Americans want the government, not the individuals, to be mainly responsible for ensuring that retired elderly people have at least a minimum standard of living. (Related article: Americans concerned about retirement income)
• Those who oppose the private retirement accounts oppose it very strongly and are unlikely to change their opinions any time soon.
• Among those who support the accounts, the support drops quickly once they realize that it Social Security privatization may cost as much as $700 billion and will mean that it also means reduction in growth in benefits for future retirees and lowering guaranteed benefits (as per Bush's plan). Related article: Retirement income to fall under Bush plan
• Like other polls, while those who support the private retirement accounts do so for the possible rewards, they do not want to take the risk themselves. 50% of these supporters of private accounts want a minimum guaranteed standard of living in retirement, even if it means the government decides how all of their Social Security taxes are invested.
• Unlike the president, the priorities of American people are war in Iraq, health care, war against terror, and education. Then comes the Social Security. (Related article: Personal finance advisor advises Americans to stay away from personal retirement accounts in their current form)

In a related development, Americans are disgusted by the politicization of the debate. In dozens of messages that we have received, Americans do not like how this debate is playing out. They want the issue to be dealt with in a way that it is fair to senior citizens rather than a way to transfer wealth from working people to select few. Kevin Bogardus of The Center for Public Integrity is predicting that election style ads will soon show up on a television set in your living room. "In recent weeks, a half-dozen organizations have begun fundraising, television and print campaigns to promote or oppose President Bush's plans to revamp the Social Security system.," he writes. Those who favor Bush's plan are conservative groups. Most anti-privatization groups are worker rights group.

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Sources: The Washington Post Kaiser Family Foundation Harvard University