Americans believe that Social Security is struggling to sustain itself, telling pollsters that the program is paying more to retirees than it is receiving to replenish its funds and that the plan needs to be reformed, according to a recent survey.
The poll, conducted for Newsweek by Redfield & Wilton Strategies on December 8 of 1,500 eligible American voters, found that 40 percent of those surveyed answered “True” to the statement: “The Social Security Program currently pays out more to retirees than it is receiving in social security tax payments.” Twenty-six percent said “False” and 34 percent responded with “Don’t know.”
On whether they agreed with the statement that “the Social Security system needs to be reformed,” more than 60 percent said either they “strongly agree” and “agree.”
About 70 million Americans depend on Social Security in the U.S. Analysts have been sounding the alarm that the social program would see its funds drained in about a decade without reforms. The current $2.8 trillion trust fund faces the possibility of being depleted around 2033, according to Steve Goss, the Social Security Administration’s chief actuary.
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“We’re projecting at that point in time, if we have used up our trust fund reserves, the continuing income will be equivalent to 80 percent of what we need to pay the full scheduled benefits on a timely basis,” he said.
Some political leaders have been making suggestions on what they think needs to happen to the program to ensure its sustainability.
Former President Donald Trump has suggested that the U.S. could tap into its oil reserves and use the revenue from their sales to fund Social Security.
One of his rivals for the 2024 Republican presidential nomination, former South Carolina Governor and U.N. Ambassador Nikki Haley has suggested that the U.S. needs to raise the retirement age to ensure the sustainability of the program. Currently, Americans can begin to tap into their Social Security benefits beginning at age 62.
President Joe Biden has said he was reluctant to engage in any cuts to the program and recently accused Republicans of wanting to cut benefits. But senior GOP members and other presidential candidates have either talked about cutting spending in other areas to fund Social Security or increase the retirement age.
Republican Louisiana Senator Bill Cassidy said that the leading contenders for the presidency were willing to allow the program to collapse.
“Biden & Trump should be thoughtful in discussions about the future of Social Security. Instead, they seem willing to allow it to collapse,” Cassidy wrote on X, formerly Twitter.
“I think that politicians don’t give the American people enough credit for what’s going on. Biden and Trump have the same plan, which is a plan to do nothing,” Cassidy told Newsweek earlier this year. “They keep telling everybody, don’t worry about it.”
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.