Over Half of Americans Would Pay More in Taxes To Sustain Social Security as Musk Considers Massive Cuts
Written by
Vance Cariaga
Edited by
Amber Barkley
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Americans worried about the future of Social Security under the stewardship of Elon Musk haven’t seen those worries ease much lately. The billionaire Tesla CEO recently referred to Social Security as a “Ponzi scheme” and suggested it was rife with waste and fraud and might be a good candidate for a massive overhaul, NBC News reported.
These comments were made by Musk in his role as head of the Department of Government Efficiency (DOGE), an organization put together by President Donald Trump to slash spending by the federal government. In late February, the Social Security Administration (SSA) announced plans to cut about 7,000 jobs and close various field offices.
Recent Changes to Social Security
More recently, the SSA said it will eliminate phone services for millions of recipients and applicants and require them to visit offices instead, the AP reported — even as those offices face the cutting knife. Critics say these moves could lead to longer wait times and missed payments.
“Elon Musk’s DOGE and the acting Social Security commissioner, whose appointment it orchestrated, are forcing … harmful changes in the name of nonexistent fraud,” wrote Nancy Altman, president of Social Security Works, in a March 19 press release. “The change will drive millions of additional Americans, many who have serious mobility issues, into already overcrowded offices for no reason.”
Americans Would Pay More in Taxes To Save It
Meanwhile, the general public has started weighing scenarios it might not have considered as recently as a few months ago, when Trump campaigned on the promise that he would “not touch” Social Security if he won a second term to the White House.
A recent survey of 1,006 Americans conducted by public interest law firm Atticus found that over half of respondents (55%) would pay 1% more in taxes to sustain Social Security. That compares to 37% who oppose tax increases.
The survey, conducted in February, reflected general wariness about the future of Social Security. Concerns over its long-term solvency “persist,” according to Atticus, while many Americans remain “skeptical about government action to protect their benefits.”
In fact, more than one-third (37%) of respondents “don’t believe Social Security will be solvent” for future generations. Skepticism is highest among Gen X (42%), Gen Z (40%) and millennials (39%).
Even positive news concerning Social Security has not done much to boost confidence in the program. Atticus noted that only 28% of survey respondents are aware of the Social Security Fairness Act , which was signed into law by former President Joe Biden in January and reverses past reductions that affected more than 3.2 million post-public service retirees.
One provision in the act could lead to an average increase of $360 per month by December 2025, according to Atticus. Despite these adjustments, many retirees “remain uncertain about whether Social Security alone will provide financial stability.”
Here are some other highlights from the Atticus survey:
- Over 40% of current retirees would still work a part-time job even if they received an extra $360 per month in Social Security benefits.
- Even with that potential increase, 15% still feel insecure about living comfortably in retirement and 13% are “financially unstable.”
- While 41% of Americans believe Social Security is fair, 36% say it’s unfair. Baby boomers (49%) have the most faith in its fairness, while Gen Zers have the least (31%).
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
More From GOBankingRates
