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Senior Citizen Politics

Social Security Private Accounts Not Likely to be Supported in this Election

AARP survey finds strong opposition among those 42 and older

October 4, 2006 – One thing voters will not be hearing about this election are the Social Security private investment accounts that were so strongly promoted by President Bush and supported by Republicans in Congress. That boat has sunk. Initially, the idea was interesting to many younger voters but the most recent polls show 71 percent of Americans age 42 and older - the most likely voters - now oppose the idea.

 

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In fact, there is a great deal of intensity in the opposition of private accounts, according to the AARP survey.

Those who oppose private accounts were more than four times as likely to strongly oppose private accounts (57 percent) as to somewhat oppose them (14 percent), while respondents who support private accounts were almost evenly divided between strongly support (9 percent) and somewhat support (8 percent).

Released in late September, these results are from the third in the weekly series of "AARP Election Watch: Pulse of a Generation" opinion tracking surveys.

When given the choice, an overwhelming 79 percent of all respondents want candidates who are elected from both the U.S. House of Representatives and the U.S. Senate to work to strengthen the existing Social Security program, rather than work to create new, private accounts.

AARP found that there is great resistance among likely boomer-plus voters to use Social Security tax dollars in order to fund private accounts. Seven in 10 respondents oppose private accounts (71 percent).

"Social Security is the only guaranteed benefit that most people will have when they retire," said David Sloane, senior managing director of Government Relations for AARP. "Americans recognize that private accounts carved out of Social Security are not the answer, and are looking for other action to improve the current system."

Candidates who support using Social Security taxes to fund private accounts and who want to capture the 42 plus vote could be hard pressed to do so, according to AARP.

Nearly two-thirds of likely voters (64 percent) said they are either not at all likely (38 percent) or not very likely (26 percent) to vote for a candidate who supports using the Social Security taxes to fund private accounts. Older respondents in particular report they are not at all likely to vote for a candidate who supports private accounts (43 percent ages 61 plus; 34 percent ages 42-50 and 35 percent ages 51-60).

Unfortunately, not all voters feel well enough informed. "Half of the voters we talked to believe the candidates have not been clear enough on where they stand on the issue of private accounts," noted Sloane. "We're urging people to find out where their candidates stand on the important issues."

For AARP Voter Guides, additional details about the issues, or to get involved in this debate, visit http://www.aarp.org/issues.

The full "AARP Election Watch: Pulse of a Generation" election survey can be found at: http://assets.aarp.org/rgcenter/general/rx_pulse_2006.pdf

AARP markets insurance and other goods and services to older Americans. It describes itself as a nonprofit, nonpartisan membership organization that helps people 50 plus have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP produces AARP The Magazine, published bimonthly; AARP Bulletin, a monthly newspaper; AARP Segunda Juventud, our bimonthly magazine in Spanish and English; NRTA Live & Learn, a quarterly newsletter for 50 plus educators; and Web site, http://www.AARP.org. AARP Foundation is an affiliated charity that provides security, protection and empowerment to older persons in need with support from thousands of volunteers, donors and sponsors. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

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