Gallup today released the results of its survey of American workers and retirees on their opinions on Social Security solvency. The pollsters found working Americans are "more pessimistic than at any time since Gallup began asking this question in 1989." The question is, "Do you think the Social Security system will be able to pay you a benefit when you retire."

That's "a benefit," as in "any benefit whatsoever." Six out of 10 nonretired Americans (60 percent against 36 percent) said "no." If they're right, this could prove a huge problem because

Gallup research earlier this year found that nonretirees have become slightly more likely since 2007 to project Social Security as a major income source in their retirement, concomitant with a drop in projected reliance on pensions, 401(k) plans, and other investments. Americans thus appear to be in a bind, perceiving an increased need for Social Security while at the same being less sure it will be there when they need it.

Not surprisingly, Gallup found Social Security skepticism to be highest among 18-to-34-year-olds. More intriguing was the discovery that current retirees, in proportions very similar to nonretirees, think their current benefits are likely to be cut. The pollsters found that 37 percent of retired Americans believe that they will continue to receive full benefits, while 56 percent believe that their benefits will at some point be pared back.

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