Two-thirds of American voters support “privatizing” Social Security to the extent that some contributions could be invested in corporate rather than federal securities, according to a poll by a libertarian private group.
The report Tuesday by the Cato Institute, which has released four other papers studying the benefits of privatization, also said that 88 percent believe Social Security either is in trouble today or will be in the next 20 years.
And 60 percent of respondents 65 or younger don’t believe Social Security will even be there when they retire.
Eight hundred registered voters were surveyed by telephone for the poll from June 12 to June 16. The margin of potential sampling error was plus or minus 3.46 percentage points.
A 13-member government advisory board studying ways to overhaul the Social Security system is expected to recommend three privatization plans when it issues its report, expected in September.
According to the council, investing the system’s billions in the stock market - rather than solely in government bonds - could gain bigger returns - although at greater risk - and thus help save Social Security from bankruptcy.Unless major changes are made, the Social Security Administration predicts the system will, by 2013, be paying out more to retirees each year than it brings in from working Americans.