Americans want answers on Social Security this midterm season

Americans want answers on Social Security this midterm season A looming 22 percent benefit cut is driving midterm voters to demand solutions — because lawmakers elected this cycle will still be in office when trust funds deplete in late 2032, voters say candidates cannot ignore the crisis - Bookmark - CommentsGo to comments A vast majority of voters in key Senate battleground states favor candidates who present explicit plans to reform Social Security over those who pledge to leave the program untouched, according to research conducted by the Peterson Foundation. The nationwide survey of 2,500 registered voters, conducted between August 20 and August 27, found that more than 80 percent of respondents preferred a representative with a strategy to prevent automatic benefit reductions. In contrast, 17 percent favored candidates promising not to touch the system. The urgency stems from a tight financial deadline. A report from the Social Security Board of Trustees projected that the trust fund used to top off payroll taxes would run dry in the late months of 2032. If Congress does not intervene before then, the shortfall will force an immediate 22 percent pay cut for all beneficiaries. Because senators elected this cycle will be in office when the depletion occurs, analysts emphasize that the upcoming elections carry increased weight. “The voters who will determine the balance of the U. S. Senate are calling on candidates to strengthen the future of Social Security,” Michael Peterson, chief executive of the Peterson Foundation, said. “Senators elected this fall will be in office in 2032 when Social Security recipients will face immediate 22% cuts, so all candidates should be putting forth solutions in this campaign to prevent this catastrophic result.” An analysis by the Committee for a Responsible Federal Budget noted that 63 million Americans — including 54 million retirees and 9 million dependents and survivors — would be affected by the cuts. The average national loss would equal approximately $500 per recipient per month. In five critical battleground states, the financial burden varies, according to the CRFB analysis. Texas faces the largest overall hit, where 4.3 million Social Security recipients would see an average monthly reduction of $489. Ohio follows with 2.2 million residents losing an average of $487 each month, while Michigan has 2 million beneficiaries facing an average monthly loss of $523. In North Carolina, 2 million people would experience an average monthly decline of $501, and in Georgia, 1.7 million voters face an average monthly drop of $487. The Peterson Foundation survey showed that 91 percent of respondents supported structural reforms once informed of the 2032 automatic cut projections. Additionally, 85 percent indicated that persistent inflation made resolving the funding shortfall urgent. Survey results showed clear backing for a range of policy changes to keep the program solvent. Most respondents, 72 percent, favored adding a 1 percent payroll tax on income over $184,500. Two-thirds supported capping annual benefits at $100,000 per retired couple, while 65 percent backed benefit cuts for the top 20 percent of earners. An equal 65 percent favored a combination of gradual benefit changes and tax increases. “The good news indicated by this survey is that voters want this problem addressed, and there is strong bipartisan support for many available solutions that would sustain this essential program,” Peterson said. Voters drew a firm line against using national debt to cover the gap. Just 29 percent favored federal borrowing to address the shortfall, while 68 percent explicitly opposed adding to the $40 trillion national deficit. Join our commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies Comments [Image text:] 0337 amn Statrs dreasury 10 15-51 Unitrd States Crrssury 000 Tnited States Creusury