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Poll: Students worry about Social Security, back accounts

BY JUSTIN MILLER
Daily News Editor
Published May 8, 2005

The newest generation to pay into Social Security is worried about the program’s future and is in favor of personal savings accounts, according to the newest polling data of college students.

Harvard’s Institute of Politics reported that nearly 70 percent of students are somewhat or very concerned that Social Security will not pay out benefits to them when they retire. The new data comes during an aggressive campaign by President Bush to sell the public and Congress on his Social Security reform plans.

“I’m not counting on it,” LSA senior Erica Chippi said of Social Security benefits. Chippi said she does not expect Social Security benefits to be part of her retirement.

However, not all students see insolvency as the greatest danger to Social Security.

“The Bush agenda might be damaging to it,” medical student Derek Richardson said, adding that the president’s reform agenda will probably not pass Congress.

Music senior Johnny Atorino said he was too young to be affected by changes to Social Security but was worried about the system’s solvency for older Americans.

“I think people should have the right to feel when they’re older they should be taken care of,” Atorino said.

Among those receiving benefits is Atorino’s grandmother. He said that without her Social Security check his father and uncle would have to care for ,her more than they do now.

“Of course they should take care of her — and do — but monetarily they should get some help,” he said.

Showing slightly greater support than the rest of the public, 52 percent of students backed the idea of optional personal investment accounts created from payroll taxes. Bush’s proposal would allow these accounts to be invested in government securities, mutual funds or stock indexes.

“I think investment is a good idea. People always need to think of that as soon as they have money,” Chippi said.

However, 38 percent of students said they would rather risk a payout shortfall than invest in an account.

Richardson said personal accounts may be all right in the short-term, but, over time, they would cause trouble.

“I think it will be problematic 10 or 20 years down the road. I don’t think we’ll have enough money to pay for everybody,” he said.

Harvard’s poll was taken before Bush proposed a change to benefit indexing. His plan would slow benefit growth for most retirees and continue today’s faster rate of growth for Social Security’s poorest recipients.

Bush said his plan would guarantee benefits equal to or above those currently promised to retirees while saving more money for Social Security.

“That surprises me that President Bush is attempting to help the poor,” Atorino said. Atorino added that he thought the proposal was acceptable if it changed the rate of growth but did not cut benefits.

Richardson said he was against Bush’s indexing proposal.

“It defeats the purpose of Social Security, which is to provide a safety net for everyone. I don’t think that’s fair,” Richardson said.

The margin of error in the poll was plus or minus 2.8 percentage points.