A new poll that forms the basis for this report in USA Today indicates that Americans’ doubt over the promises of the Social Security system continue to grow.
Battered by high unemployment and record home foreclosures, most Americans seem to have lost faith in another fundamental part of their personal finances: Social Security.
A USA TODAY/Gallup Poll finds that a majority of retirees say they expect their current benefits to be cut, a dramatic increase in the number who hold that view. And a record six of 10 non- retirees predict Social Security won’t be able to pay them benefits when they stop working.
Skepticism is highest among the youngest workers: Three-fourths of those 18 to 34 don’t expect to get a Social Security check when they retire.
The public’s views are more dire than the calculations of Social Security’s trustees. Last year, they projected the system would begin running in the red in 2016, as the Baby Boom generation retired, and the trust fund would be exhausted in 2037.
Practically speaking, this is not all bad – the public increasingly understands that the system is unsustainable. It doesn’t require four years in college to do the math behind the retirement age-life expectancy gap that has been allowed to grow for the better part of a century. Of course, we should all thank former Fed chief Alan Greenspan for making the system appear to be sustainable over the last few decades as his ground-breaking work on the system in 1983 sent him on to even more destructive tasks at the central bank.



Battered by high unemployment and record home foreclosures, most Americans seem to have lost faith in another fundamental part of their personal finances: Social Security.

Well, it looks like those California government worker pay cuts to minimum wage are not going to go through as Governor Arnold Schwarzenegger had hoped.


![[Most Recent USD from www.kitco.com]](http://www.weblinks247.com/indexes/idx24_usd_en_2.gif)

Recent Comments