CONTACTS: Linda Rozett/Eric Wohlschlegel
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WASHINGTON, D.C. – A United States Chamber of Commerce survey with Zogby Interactive found a majority of Americans believe Social Security faces a crisis within the next 20 years and support greater individual direction of investment options.

 

“Americans can see a crisis is coming and know delaying action is not the same thing as finding a solution,” said Thomas Donohue, Chamber President and CEO.  “Lawmakers of both parties must work toward a solution that protects current retirees as well as current workers.”

 

Nearly 44 percent of those polled said Social Security would face a crisis within 20 years, and 67 percent said it would come within 40 years, according to a Zogby/O’Leary Values Survey of 7699 registered voters March 7 through 9, with a margin of error of plus or minus 1.1 percentage points.  Concerns about Social Security were highest in the Midwest (48 percent), as well as those with children under age 17 (49 percent), and among those who identified themselves as investors (53 percent).   

 

There was strong support for giving workers an opportunity under Social Security to direct a portion of their savings into investment plans, similar to the system currently in place for members of Congress.  Sixty-one percent of all respondents agreed that taxpayers should have a similar option for their retirement.  There was strong support for this alternative across all regions of the country and in all age categories.

 

When the Social Security system was established, there were 16 workers supporting each retiree; today, fewer than four workers support each retiree.  As baby boomers begin to retire and life expectancies continue to rise, the pressure on the Social Security system is expected to increase dramatically.

 

The U.S. Chamber of Commerce is the world’s largest business federation representing more than three million businesses and organizations of every size, sector and region.

 

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A copy of the Zogby Poll is available online.  /goto/zogby.htm