Washington, D.C. — For more than 90 years, Social Security has been part of the fabric of American life. Nearly all Americans say Social Security will be important or very important to their income when they retire. Nine in ten say Social Security’s disability insurance would be critical if they experienced a work-limiting disability. And millions of families rely on Social Security’s survivor benefits, which provide vital financial security after the loss of a parent, spouse, or other breadwinner.
When you ask people who receive Social Security what it means to them—and what would happen if benefits were cut—you hear that they wouldn’t be able to pay their bills. That they wouldn’t be able to live independently. That they’d have to “work until they die.”
Social Security’s long-term financing challenge has been anticipated for decades. But today’s Trustees Report offers a reality check about the choices facing lawmakers—and, with the report projecting depletion of the Old Age and Survivors Insurance (OASI) trust fund in 2032—that the next president will likely be the one confronted with those choices.
The country may feel deeply divided right now, but Social Security is one issue where Americans remain remarkably united. Across party lines, generations, income levels, and education levels, Americans strongly oppose cutting Social Security benefits and want to see lawmakers secure the program for future generations.
They’re also clear about how they want to do it. Strong bipartisan majorities from all walks of life support requiring the highest earners to contribute to Social Security at the same rate as other workers by eliminating the payroll tax cap—which on its own could close Social Security’s financing gap for the foreseeable future. And most are even willing to chip in a little more themselves if that’s what it takes to avoid benefit cuts.
What’s more, Americans don’t just want Social Security protected—they want it strengthened. Large bipartisan majorities support improvements for people who aren’t currently well served by the program, including family caregivers who spend years out of the paid workforce caring for loved ones and older workers who are unable to make it to full retirement age after a lifetime of physically demanding work. Americans also feel strongly about protecting and strengthening Social Security’s disability protections.
When we talk about Social Security, it’s easy to get lost in facts and figures. But Americans understand that Social Security isn’t just a government program, and it’s more than a math problem to be solved. It’s a promise we make to one another—and a reminder that we are all in this together.
The program’s financing challenge is real. But Americans have already made clear what they want their leaders to do: protect and strengthen Social Security for current and future generations. The question now is whether Washington will listen.
About the National Academy of Social Insurance
The National Academy of Social Insurance is a non-profit, nonpartisan organization made up of the nation’s leading experts on social insurance. Its mission is to advance solutions to challenges facing the nation by increasing public understanding of how social insurance contributes to economic security.
Contact: Zane Snyder Cox, zsnydercox@nasi.org