What’s Next for Social Security? 97% of Americans Say the Next President Should Do This
Written by
Laura Bogart
Edited by
Rebekah Evans
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
Social Security is considered the bedrock of many American retirement plans and it makes sense that retaining it is a significant concern among voters. However, despite the prevalence of Social Security as a political football, many voters aren’t aware of potentially major changes on the horizon. Changes that the vast majority of them will definitely not be happy with.
When the Peter G. Peterson Foundation conducted a recent survey, the organization found that just 30% of Americans are aware that, without reform, there will be a 21% automatic cut for all Social Security beneficiaries within nine years. That cut could translate to a nearly $17,000 loss per year for the average couple.
After they learned about this, almost all of the respondents had a clear message for their leaders: Fix it.
Also here are five things Biden promised for Social Security if he’s reelected.
Protecting Social Security Is a Top Priority for Voters
In fact, 97% of survey respondents agreed that it was vital for the people who are elected this fall to shore up Social Security so that current and future generations can take advantage of it.
The group conducted the survey on the heels of news that the U.S. Fiscal Confidence Index in May dropped to a low of 36, a drop from the April value of 40 and a clear sign that Americans are concerned about the national debt, in no small part because of its potential impact on Social Security.
“The May 2024 Trustees Reports confirmed that Social Security is on a rapid path to insolvency and today’s new survey shows voters want leaders to prioritize solutions to prevent devastating cuts to this essential program,” said Michael Peterson, CEO of the Peterson Foundation.
Voters Understand the Issues at Play
Peterson said the results of the foundation’s survey showed that despite the ongoing need to educate voters about the finances behind Social Security, “there is overwhelming support for courageous leaders to take action once the current reality is understood.”
According to the U.S. Fiscal Confidence Index for May, about 84% of voters call for the President and Congress to prioritize the national debt while 77% would go so far as to say that it should be within their top three priorities as policymakers. The report also said that 70% of voters say that leaders are now on the wrong track when it comes to addressing the debt.
Some Voters Are Hopeful, Others Are Not So Much
When it comes to elected leaders’ abilities to resolve these pressing issues around national debt and Social Security, voters are torn about whether to feel hopeful.
The Peterson Foundation survey indicates that in May 2024, just 4% of respondents were “very optimistic” that the country will make progress on our national debt over the next few years, while 19% were “very pessimistic” about the odds. The news isn’t all doom and gloom, however, with most respondents finding themselves squarely in the middle.
In May, about 34% of respondents said that they were “somewhat optimistic” when 37% of respondents said that they were “somewhat pessimistic” about the odds of a turnaround.
More From GOBankingRates
