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Union Poll Shows Privatization Gaining Support
August 13, 2001
Proposals for allowing workers to invest a portion of their Social Security
taxes in individual accounts are gaining in popularity, especially among younger
workers, women, and minorities, according to a series of focus groups and polls
conducted by Peter Hart Research on behalf of the AFL-CIO. The results of the
research was provided to House Democrats and leaked to The
Washington Times columnist Donald Lambro. Among other findings, the
pollsters concluded that:
- "Many non-retired Americans, especially those
under age 40, express strong interest in [President
Bush's] proposal for individual accounts."
- "Social Security supporters should understand
that partial privatization has genuine appeal among
many voters…as more Americans gain investment
experience through 401(k) s and similar plans, they
grow more comfortable with the idea of managing
their retirement savings."
- "Lacking confidence in the government's
management of Social Security funds, many people
speculate that they would earn a better rate of
return if they invested their funds."
- "Most working people say they would take
advantage of an option to invest a portion of their
payroll taxes, including many who oppose
privatization."
These latest findings are in line with previous polls showing strong public
support for individual accounts. A poll conducted
by Zogby International for the Cato Institute found support for privatization
cutting across political, economic, and ethnic lines, including strong support
among women, African-Americans, Hispanics, and union workers.
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