These poll numbers were released earlier today by Rasmussen Reports -- "an electronic publishing firm specializing in the collection, publication, and distribution of public opinion polling information."
Social Security - Ponzi Scheme or Not? Voters Not Sure
Wednesday, September 22, 2010
The Merriam-Webster Dictionary describes a Ponzi scheme as "an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and bigger risks."
Wisconsin Republican Senate candidate Ron Johnson made waves with his recent description of the Social Security system as a Ponzi scheme, but new Rasmussen Reports polling finds that just 27% of Likely U.S. Voters agree with him. A nationwide telephone survey shows that 36% disagree and don't believe Social Security is a Ponzi scheme.
However, a plurality of 37% aren't sure. It is likely that many are not sure what a Ponzi scheme is.
Johnson contends that Congress has used the money Americans pay into the Social Security system to fund other things in the federal budget. Analysts say that without changes including perhaps increased Social Security pay-ins or pushing back the age of retirement, the Social Security system is projected to lack the money to pay the full benefits promised in the years to come.
Rasmussen Reports will release new numbers tomorrow on voter attitudes about Social Security which is now the subject of a special commission created by President Obama.
The survey of 1,000 Likely Voters was conducted on September 20-21, 2010 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC . See methodology .
Democrats (50%) are twice as likely as Republicans (24%) to say Social Security is not a Ponzi scheme. Thirty-eight percent (38%) of GOP voters think it is. Voters not affiliated with either party are closely divided on the question.
Seventy-eight percent (78%) of those in the Political Class say the federal retirement system is not a Ponzi scheme. But among Mainstream voters, 35% believe Social Security is such a scheme, 24% do not, and 42% are undecided.
Americans are evenly divided over the idea of paying higher taxes to save their Social Security benefits , but older adults like the idea much more than those who are younger.
If Congress wants to change Social Security , however, 71% of voters believe that any proposed changes should be submitted to a vote of the American people.
Only 35% of voters believe correctly that the majority of federal spending goes to defense, Social Security and Medicare.
As for Johnson, he now holds a seven-point lead over incumbent Democrat Russ Feingold in Wisconsin's U.S. Senate race .