A Peter G. Peterson Foundation survey of voters in five battleground Senate states reveals strong support for addressing Social Security’s projected funding shortfall. The online poll of 2,500 registered voters in Georgia, Michigan, North Carolina, Ohio and Texas was conducted between late August, with a margin of error of 4.4 percentage points.
Initially, 49% of respondents indicated support for Social Security reforms. However, once surveyors informed participants about the projected depletion of the trust fund in 2032 and the potential for automatic 22% benefit reductions, support increased dramatically to 91%. The survey found that 81% of voters said they would be more likely to vote for candidates with concrete reform plans than for those pledging to leave the program unchanged. This support crossed party lines, with 92% of Republicans and 90% of Democrats backing reforms, alongside strong majorities across age groups.
Regarding specific policy approaches, the survey identified varying levels of public support. A 1% increase to the payroll tax cap on earnings above $184,500 garnered 72% support, while 66% favored capping couple benefits at $100,000 annually. Sixty-five percent supported reducing benefits for top earners and implementing gradual adjustments paired with tax increases. Only 29% backed government borrowing as a solution. An earlier 2024 survey found particular support for eliminating the payroll tax cap for earnings above $400,000 and gradually raising the payroll tax rate from 6.2% to 7.2%.
Policymakers face a significant window to act before 2032. Brett Loper, executive vice president of policy at the Peterson Foundation, emphasized the importance of raising public awareness about the funding crisis and establishing a commission-based approach to reform. The foundation has supported the Bipartisan Social Security Commission Act, which would create a 13-member panel to develop solvency solutions. Loper noted that delaying action until 2032 would limit available policy options.
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