Senate elections this November said they would be more likely to back a lawmaker who has a plan to prevent future Social Security benefit cuts, according to new battleground polling. Peterson Foundation survey found that 77 percent of voters across Georgia, Michigan, North Carolina, Ohio and Texas would be more likely to vote for a lawmaker with a plan to reform Social Security after being told that benefits could be cut by 22 percent for tens of millions of current and future beneficiaries if Congress does not address the program's projected funding shortfall. With control of the Senate at stake, the nonpartisan Cook Political Report considers all five races competitive in the upcoming midterm elections.
As of September 15, Michigan, Ohio and Texas were rated toss-ups, while Georgia and North Carolina were rated "Lean Democratic." Democrats currently hold seats in Georgia and Michigan, while North Carolina, Ohio and Texas are Republican-held. "The voters who will determine the balance of the U.S. Senate are calling on candidates to strengthen the future of Social Security," said Michael Peterson, the CEO of the Peterson Foundation.
"Senators elected this fall will be in office in 2032 when Social Security recipients will face immediate 22 percent cuts, so all candidates should be putting forth solutions in this campaign to prevent this catastrophic result." "The good news indicated by this survey is that voters want this problem addressed, and there is strong bipartisan support for many available solutions that would sustain this essential program," he continued. Social Security is facing a funding conundrum. As it stands, trust funds that help pay out benefits to more than 70 million Americans are depleting, and they are scheduled to run dry by the final quarter of 2032, according to the latest Social Security trustees' report.
At that point, dedicated Social Security payroll taxes will be able to pay 78 percent of scheduled benefits, which could result in current and future beneficiaries losing thousands of dollars in benefits every year if Congress does not act. In Georgia, 78 percent said they would be more likely to vote for a lawmaker with a plan to fix the funding issue, including 50 percent who said "much more likely." That figure was 74 percent in Michigan, with 39 percent saying much more likely; 80 percent in North Carolina, with 49 percent saying much more likely; 75 percent in Ohio, with 47 percent saying much more likely; and 76 percent in Texas, with 47 percent saying much more likely. The survey was conducted by Global Strategy Group for the Peterson Foundation from August 20 to 27 among 2,500 registered voters, with 500 interviewed in each of the five states.
The results come less than two months before the midterm elections that will determine the makeup of the next Senate. Republicans currently hold 53 seats and Democrats 45, and two independent senators caucus with the Democrats. Georgia and Michigan currently have two Democratic senators each, while North Carolina, Ohio and Texas each have two Republican senators.
Some sitting senators in the five battleground states have already joined efforts to address Social Security's funding problem. In Michigan, Democratic Senator Elissa Slotkin is a co-sponsor of the Social Security 2100 Act, introduced in July. The bill would raise additional revenue by applying Social Security taxes to earnings above $400,000 and adding a tax on investment income for people earning more than $400,000, while also increasing some benefits.
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