That's the conclusion reached by An empirical analysis of driver perceptions of the relationship between speed limits and safety, a recent study at Purdue University. As the abstract states:
A key motivating factor in drivers’ tendency to exceed the speed limit is that they believe that the excess speed does not threaten safety. This paper, specifically studies this matter by using a survey that asked drivers how fast above the speed limit they feel they can drive before safety is threatened ... Estimation findings show that drivers’ perception of the speed above the speed limit at which they will receive a speeding ticket is a critical determinant of what they believe is a safe speed – suggesting that enforcement plays an important role in safety perceptions. Other variables found to be significant factors in determining the speed above the speed limit at which safety is first threatened include age, gender, being previously stopped for speeding, and drivers’ ethnicity.
This means that planners and advocates who want cars to slow down should focus not on speed laws but instead on changing drivers' perceptions. We don't want streets that are unsafe, but we do want them to feel unsafe, or just a little. For example, we know that narrowing the lane of traffic will slow driving speeds as drivers feel more constrained. Making neighborhood streets bumpy rather than smooth will discourage people from flying down the street far better than putting up a speed limit sign.
What are other effective ways you've experienced a decrease in your sense of safety at speed?