A Peter G. Peterson Foundation survey of registered voters in five competitive Senate states reveals significant public support for addressing Social Security’s long-term funding challenges. The online survey of 2,500 voters across Georgia, Michigan, North Carolina, Ohio and Texas, conducted between August 20 and August 27, found that 81% of respondents would more likely support candidates proposing plans to prevent automatic benefit cuts compared to those pledging not to modify the program.
Senators elected in the upcoming November election will take office in the fourth quarter of 2032, the year the Social Security trust fund is projected to become depleted. Without Congressional action, this depletion could trigger a 22% reduction in benefits for retired workers, their spouses, children and survivors of deceased workers. When survey participants were informed of these projected cuts, support for Social Security reforms increased substantially to 91% from an initial 49%.
Among the reform options presented to voters, 72% supported increasing the payroll tax cap by 1% for all income above $184,500, the highest level of backing for any single proposal. Two-thirds of respondents favored implementing a benefit cap limiting retired couples to a maximum of $100,000 annually. Additionally, 65% supported reducing benefits for the highest 20% of earners, and an equivalent share backed gradual benefit adjustments combined with tax increases. Only 29% of surveyed voters supported government borrowing as a solution.
A separate 2024 survey by the National Academy of Social Insurance, AARP, the National Institute on Retirement Security and the U.S. Chamber of Commerce identified eliminating the payroll tax cap for earnings exceeding $400,000 and gradually raising the payroll tax rate as popular policy options. The Peter G. Peterson Foundation has advocated for establishing a commission to develop reform recommendations, with proposed legislation, the Bipartisan Social Security Commission Act, calling for a 13-member panel of lawmakers and experts to address the program’s solvency issues.
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