Most Wisconsin citizens agree changes must be made to Social Security, according to the results of the latest Badger Poll.
But many Wisconsinites disagree with President Bush’s new proposal to give individuals some control over their investments with the use of voluntary personal accounts.
A total of 64 percent surveyed in the Feb. 2 Badger Poll believe major changes are needed.
Future generations of children and grandchildren cannot rely on Social Security, say 77 percent of those surveyed.
The Badger Poll, which is sponsored by the Capital Times and the Milwaukee Journal Sentinel, illustrate clear party lines along the issue.
Eighty-five percent of Republicans support Bush’s plan of privatization, while 71 percent of Democrats and 61 percent of Independents oppose it.
The President outlined his Social Security privatization plan Wednesday night in the first State of the Union Address for his second term in office.
Bush proposed the use of voluntary personal accounts to give younger workers the option of receiving greater benefits than what the current system can provide. Privatization would be optional for each worker, and anyone choosing to stay with the current program would still receive his or her promised benefits, according to Bush.
Retired individuals, or those who will soon retire, would not be affected by the proposed plan.
Oconomowoc resident Laura Labus, a Democrat surveyed in the poll, was not impressed with Bush’s speech on Wednesday.
Labus is worried Social Security will not be available in 20 years when she plans on retiring. As for Bush’s plan, Labus said private funds are a “fine idea,” but she is concerned individuals uneducated in finance will be at a disadvantage because they will not know how to invest their funds.
Legislators across the state of Wisconsin are also divided among party lines. Many Democrats believe there is no problem with the current Social Security program.
“Let’s get one thing straight … nonpartisan sources confirm there is no crisis with Social Security,” Congresswoman Tammy Baldwin, D-Wisc., said in a press release.
Bush’s proposed plan would raise the deficit to an estimated $2 trillion, Baldwin said in an e-mail.
“If current workers are allowed to divert money out of the Social Security contract and into private accounts, there will not be enough revenue to pay benefits to current beneficiaries,” Baldwin said. “Without raising taxes, the government would be forced to borrow that money. ”
Republicans, on the other hand, believe the Social Security program is heading for disaster.
Congressman Paul Ryan, R-Wisc., was impressed with the President’s State of the Union Address, and was especially glad Bush spoke of the importance of Social Security reform.
“Anyone taking an honest look at Social Security’s finances can see that the current system is heading toward bankruptcy, and this will only get worse as the baby boomers retire,” Ryan said in a press release.
According to Ryan, voluntary private accounts are key in savings for future retirees.
If Bush’s plan is approved in Congress, young workers could play a role in determining where their funds were located.
UW senior Abby Averill said she would appreciate having control over her own money.
“They can privatize it all they want, I just want my money back,” Averill said.