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No faith in Social Security?
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September 30, 1998: 1:29 p.m. ET
Vast majority of small-business owners vote 'no confidence' in SSA
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WASHINGTON (CNNfn) - Small-business owners believe Social Security is in serious trouble and needs to be fixed as soon as possible, according to survey results released Wednesday by a major small-business watchdog organization.
The report from the Education Foundation of the National Federation of Independent Business (NFIB) showed that nine out of 10 small-business owners surveyed believe that the social security system has long-term financial problems, while more than a third of the respondents said these problems extended to the short-term as well.
"Basically, we have an overwhelming vote of 'no confidence' in the future of Social Security," says William J. Dennis, senior research fellow at the foundation and the report's author.
Pessimism about social security's prospects has deepened, Dennis said.
A significant minority - 28 percent -- of the small-business owners said they believed they will enjoy only a few of the benefits now offered by the Social Security Administration, while 10 percent believe they will receive no benefit whatsoever.
Only a third of all respondents said they expect the system to deliver all that it has promised them.
However, most small-business owners believe that proposals to invest FICA funds in private markets would work better than a tax increase to repair the Social Security program's perceived financial deficits, the NFIB said in a release. 
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