Americans Want to Soak the Rich

The sensible thing to do about Social Security in 2010 and 2011 is to do nothing. At some future point it may become the case that projected Social Security deficits are a problem for economic growth, and that would be an excellent time to worry about them. But as Gallup confirms yet again politicians who feel mysteriously compelled to discuss this issue do have one policy option the public supports—soak the rich:

July 2010: Assuming There Would Be No Change in Social Security Benefits for Those Who Are Now Age 55 or Older, Do You Think Each of the Following Would Be a Good Idea or a Bad Idea to Address Concerns With the Social Security System?

Representative Ted Deutch from Florida has introduced legislation to this effect though as I say, there’s really no need to do anything at this point. If we want better-educated citizens in 2040, we need to start improving schools right now. But our ability to pay pension benefits in 2040 will be determined by economic conditions in 2040, not by promises made or not made in 2010.