A new poll conducted by the Ronald Reagan Institute's Reagan National Economic Survey reveals that Americans are deeply divided on how to address the looming insolvency of Social Security, which is projected to occur in 2032 and would trigger automatic benefit cuts if no action is taken [1]. The survey, reviewed by FOX Business, asked registered voters about several policy options to close Social Security's funding shortfall, including raising taxes on workers, reducing benefits, and raising the retirement age. Each of these options faced significant opposition among respondents [1].
Specifically, 80% of voters opposed raising payroll taxes, which are the primary funding source for Social Security, with opposition consistent across party lines and age groups [1]. Reducing Social Security benefits was even less popular, with 90% of voters against it; however, 22% of 18-to-29-year-olds supported benefit cuts, compared to 78% in opposition within that age group [1]. Borrowing money to fund Social Security was also unpopular, with only 24% in favor and 76% opposed [1]. Raising the retirement age garnered slightly more support, with 26% in favor and 74% opposed. Among Republicans, 31% supported this option, compared to 25% of Independents and 21% of Democrats. The youngest (18-29) and oldest (65+) cohorts were the most supportive of raising the retirement age, at 30% and 33% respectively [1].
When presented with specific choices, 71% of respondents favored cutting benefits by $15,000 per year for retirees with a net worth over $1 million (including home value), compared to 20% who supported a $1,500 annual tax increase and only 9% who supported cutting benefits to existing retirees by $5,000 per year [1]. The poll also touched on Medicare's projected insolvency in 2033, finding that 43% of voters favored raising taxes on workers by about $2,400 per year, compared to 33% who opposed [1].
If Social Security's main trust fund is depleted, federal law requires that benefits be cut to match incoming payroll tax revenue [1]. The survey highlights the lack of consensus among Americans on how to address the impending funding crisis, with no single reform option receiving majority support except for means-testing benefit cuts for wealthier retirees [1].
CONCLUSION
The poll underscores significant public resistance to most traditional Social Security reform options, with means-testing benefit cuts for wealthier retirees emerging as the most favored solution. As the 2032 insolvency deadline approaches, the lack of consensus among voters suggests that policymakers may face challenges in enacting reforms to secure Social Security's future.