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Boomers not buying Social Security 'hype'

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A new study reveals U.S. baby boomers do not believe Social Security is in crisis, and agree that benefits should not be cut, but revenue must be raised.

While 36 percent of boomers believe Social Security should be strengthened by raising the payroll tax wage base – currently at $106,000 – only six percent say benefits should be cut, according to a newly released study by the National Committee to Preserve Social Security and Medicare.

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“This survey shows that in spite of long-running and well-financed campaigns to convince the American people that Social Security is in “crisis”, they’re just not buying it,” says Barbara B. Kennelly, the committee’s president and CEO. “Social Security is not bankrupting the nation and is in fact keeping millions from poverty; especially as retirees’ have seen their healthcare costs skyrocket, savings evaporate, home values plummet during this recession. The long-term challenges facing Social Security are modest and manageable. Baby boomers understand this and overwhelmingly support changes that strengthen benefits for the future.”