A new poll by the Washington Post reveals that many people who support President Bush’s plan to privatize Social Security are wildly misinformed about basic facts. The poll also found that if the president’s supporters knew the truth, they would consider switching their position. Among those who support Bush’s plan to carve out private accounts from Social Security:
– 56 percent would be more likely to oppose the plan if they knew the government would have to borrow $700 billion or more. (Fact: the government would have to borrow around $2 trillion to finance the plan.)
– 44 percent would be more likely to oppose the plan if they knew the plan does not by itself solve the financial problems with Social Security. (Fact: carving out private accounts does nothing to solve the financial problems with Social Security.)
– 41 percent would be more likely to oppose the plan if they knew investments would be limited to a few stock and bond funds. (Fact: investments will be limited to a few funds.)
– 38 percent would be more likely to oppose the plan if they knew workers who made poor investment choices would end up receiving less in retirement. (Fact: those who pick poorly performing investments will get less.)
It’s easy to understand why supporters of Social Security privatization are misinformed. The president keeps misleading them.