Senators face Social Security crisis

Lawmakers elected this November will be in office when Social Security's retirement trust fund runs dry in late 2032, potentially triggering automatic 22% benefit cuts.

Voters want candidates with plans

A Peterson Foundation survey of 2,500 voters in five battleground states found 81% prefer candidates with Social Security reform plans over those promising not to touch the program.

Awareness drives support for reform

When voters learned about the 2032 depletion date, support for Social Security reforms jumped from 49% to 91%, showing that information shapes voter preferences.

“Awareness with the public is still relatively low, although it's growing.”

Broad support across party lines

The survey found 92% of Republicans and 90% of Democrats support Social Security reforms, along with majorities across all age groups.

Payroll tax cap is most popular fix

72% of voters support raising the payroll tax cap by 1% for income above $184,500, the highest-backed reform option in the Peterson Foundation survey.

Other reform options gain support

66% back capping benefits at $100,000 per year for couples, 65% support reducing benefits for top earners, and 65% favor gradual adjustments and tax increases combined.

Commission model could work again

The Peterson Foundation backs forming a bipartisan commission to develop reform recommendations, following the successful 1983 Reagan-era model that overhauled Social Security.

Solve it before 2032 deadline

Experts urge Congress to act by 2027 or 2028 rather than waiting until 2032, when fewer reform options will be available and benefit cuts become harder to avoid.

“Let's hopefully solve this in 2027 or 2028, as opposed to waiting until the last minute in 2032.”