View the full findings at the link above.

Key Findings

Public Perceptions on Social Security Insolvency

Economic concerns dominate public discourse, with 34% of respondents citing inflation as the most pressing national issue, while only 11% consider Social Security insolvency a major concern. Awareness of Social Security is high, with roughly 80% stating they know “a lot” or “a little” about it, though younger generations exhibit a lack of detailed understanding. A significant 88% of respondents express concern about Social Security’s future, with older generations, particularly Gen X, Baby Boomers, and the Silent Generation, being the most worried. Additionally, 80% find it believable that Social Security will become insolvent in 11 years.

Trust in Government and Congressional Action

A plurality of voters distrust the government and Congress to handle Social Security reform effectively. Only 27% trust the government, while 46% express distrust. Trust in Congress is even lower, with only 26% expressing confidence compared to 52% who distrust its ability to reform Social Security. Political affiliation plays a role in trust levels, as Democrats exhibit greater confidence in government management than Republicans and Independents.

Concerns and Priorities for Social Security Reform

Among key concerns, 36% believe Social Security is unsustainable due to inadequate funding, while 33% attribute the issue to government mismanagement. Other concerns include longer life expectancy leading to prolonged benefit claims (27%) and an imbalance between beneficiaries and contributors (26%).

When asked about Social Security benefits, 48% prioritize health insurance for retirees (Medicare), 44% value income based on lifetime earnings, and 36% emphasize cost-of-living adjustments. Younger voters tend to support progressive benefits that favor lower-income individuals, whereas older generations prioritize retirement income and health insurance.

Support for Reform and Proposed Solutions

While 59% support Social Security reform, there is no clear consensus on the best approach (p. 45). The most favored solutions include raising the wage base to tax more high-income earnings (47%) and incentivizing older workers to remain in the workforce (45%). Other suggested reforms include means testing benefits for higher-income individuals (36%) and privatizing Social Security investments (32%). Raising the retirement age (29%) and across-the-board benefit reductions (13%) received less support.

Social Security in the Context of National Debt

Concerns about national debt are widespread, with 49% of voters stating they are very concerned about the issue. Two-thirds of respondents (66%) support spending restrictions if the debt ceiling is raised , and 80% believe Social Security and Medicare should not be used as bargaining tools in debt ceiling negotiations. When asked about government spending reductions, 73% support cutting bureaucratic expenses, while only 21% favor reducing Social Security funding.

Conclusion

The findings indicate a strong public concern about Social Security’s future, coupled with low trust in government management. While there is significant support for reform, opinions vary widely on the best course of action. Raising the wage base and workforce participation incentives emerge as preferred solutions, while benefit reductions and tax increases remain contentious. The study underscores the urgency of bipartisan cooperation to address Social Security’s impending insolvency before drastic measures become necessary.

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Methodology

This survey was conducted online within the US from Feb 1-4,2023, among 1,500 registered voters by HarrisX. The sampling margin of error of this poll is plus or minus 2.5 percentage points. Results were weighted for gender, age, income, race/ethnicity, education, census region, political party and ideology, where necessary to align them with their actual proportions in the population.

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