According to a poll conducted by Morning Consult/Bloomberg, over 50% of Americans in swing states are in favor of reducing benefits for higher-income recipients in order to extend the lifespan of Social Security.
According to the poll, 57 percent of respondents expressed support for trimming benefits for higher-income recipients to extend the life of Social Security. Of this, 28 percent stated that they “strongly support” this measure, while 29 percent said they “somewhat support” it. However, the poll did not specify the income level that voters consider as high income.
Experts warn that the program is currently facing a funding challenge. They predict that the $2.8 trillion trust fund could be depleted within the next decade, resulting in reduced payments to retirees.
The Context
Between April 8-15, a poll was conducted to survey nearly 5,000 registered voters in key swing states such as Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin.
According to the Morning Consult/Bloomberg poll, a significant 85 percent of respondents revealed that they considered senior services, namely Social Security and Medicare, as a top priority when making their decision on who to vote for in the upcoming November 2024 U.S. presidential election.
When it comes to deciding how to vote in the November 2024 election for U.S. president, only 7 percent of respondents consider senior services (Social Security and Medicare) as the single most important issue. In contrast, a significant majority of 34 percent prioritize the economy.
Views
According to Matt Monday from Morning Consult, when it comes to prolonging the lifespan of the Social Security program, many individuals are uncertain about the appropriate course of action. However, one aspect they are confident about is that the responsibility should fall on someone else, particularly the wealthy.
According to the poll, a significant majority of the participants, specifically 77 percent, expressed their support for increasing taxes on billionaires. In contrast, a mere 15 percent of the respondents expressed opposition to this idea.
According to voters, there is strong support for the collection of Social Security tax on wages that exceed the initial threshold of $168,600.
What’s Next
Legislators have made various proposals, including one that intends to establish a 13-person commission with involvement from the president and congressional leaders, tasked with providing recommendations on what to do with Social Security.
According to a monthly survey conducted by Morning Consult/Bloomberg, swing states were polled with a margin of error of plus or minus 1 percentage point.