7 Bipartisan Ways to ‘Fix’ Social Security

7 Bipartisan Ways to ‘Fix’ Social Security

Survey finds majorities of Republicans and Democrats favor raising Social Security taxes on wealthy and raising retirement age, while increasing benefits for low-income Americans
Bipartisan Social Security
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There aren’t many things Republicans and Democrats agree on these days, but it appears voters in the two parties actually have lots of common ground when it comes to “fixing” Social Security.

A new public consultation survey finds significant bipartisan consensus on major proposals that would address the Social Security Trust Funds’ looming shortfall. Last week, the Social Security Board of Trustees released its 2022 annual report, which found that without revenue increases or benefit cuts, monthly benefits would need to be reduced by 20% by 2035 (which is actually one year later than last year’s report).

The in-depth survey conducted by the University of Maryland’s Program for Public Consultation of a representative sample of more than 2,500 registered voters found that large majorities of Republicans and Democrats favored proposals for increasing revenue (increasing taxes on the wealthy, raising the payroll tax) and trimming benefits (raising the retirement age, trimming benefits for high earners), as well as increasing the minimum monthly benefit for low-income earners.

Together, the organization said these steps would eliminate 95% of the shortfall. The SSA calculates the shortfall based on what is needed to maintain solvency for 75 years.

More modest majorities, with bare majorities of Republicans, favored increasing benefits for those in their 80s and increasing the cost of living adjustments (COLA). With these additional provisions, the amount of the shortfall eliminated would be reduced to 78%.

“Many politicians think that addressing the problems of Social Security is a ‘third rail’ so they have persistently avoided taking action,” said Steven Kull, director of the PPC. “But large bipartisan majorities say they are ready to take tough steps to secure the Social Security program for future generations.”

Unlike standard polls, public consultation surveys take respondents through an online process called a “policymaking simulation” that seeks to put them in the shoes of a policymaker. Respondents were given a briefing on the Social Security program and the projected shortfall, and asked to evaluate arguments for and against proposals addressing the shortfall and increasing some benefits. They were informed about the impact of each proposal on the shortfall. The content of the simulation was reviewed by experts on different sides of the debate to ensure accuracy and balance.

All of the proposals tested have been presented as options by the SSA and scored in terms of their impact on the Social Security shortfall. Most have also been included in proposed Congressional legislation.

Read on to learn more about specific Social Security proposals favored by majorities of both Democrats and Republicans, including some that would increase benefits.

Next page: Increasing Revenues

2 Proposals to Increase Social Security Revenues

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Overwhelming majorities of Democrats and Republicans favored two proposals to increase revenues:

Next page: Cutting benefits

2 Proposals to Cut Benefits

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Two proposals that cut benefits also received support from large majorities of both Republicans and Democrats:

Next page: Increasing benefits

Benefit Increases Supported

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One benefit increase proposal also got robust bipartisan support:

Other benefit increases received more modest support:

SEE ALSO:

• Social Security Gains Another Year of Solvency: 2022 Trustees Report

• Social Security Benefits Lose 40% of Buying Power Since 2000; Latest 2023 COLA Estimate Drops

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