How Would Americans Fix Social Security?

On Tuesday October 18, 2016 Lou attended an event co hosted by the Committee for a Responsible Federal Budget and Voice of the People focused on where the public stands regarding the need for changes to protect and secure Social Security.

How Would Americans Fix Social Security?

Social Security is a vitally important federal program that impacts millions of Americans, yet absent action, the program’s trust funds are projected to be exhausted in less than two decades. The event featured findings from Voice of the People’s new nationwide public survey on the need to fix Social Security, which included public opinion on specific reform proposals. Following the presentation, there was a panel discussion by policy experts on the importance of fixing Social Security.

Event Participants Included:

  • Dr. Steven Kull (Director, Program for Public Consultation, University of Maryland, School of Public Policy)
  • Romina Boccia (Deputy Director and Grover M. Hermann Research Fellow in Federal Budgetary Affairs, at The Heritage Foundation)
  • Kathleen Romig (Senior Policy Analyst, Center on Budget and Policy Priorities)
  • Marc Goldwein (Senior Vice President and Senior Director of Policy, Committee for a Responsible Federal Budget)

According to the Social Security Trustees’ Report, if no steps are taken by Congress to reform Social Security, its trust fund will be exhausted in 2033, and after that the program will only be able to deliver benefits based on current receipts- which would result in a 23% benefit cut to retirees. To find out how Americans view these current issues an in depth survey was conducted. It concluded that Americans like Social Security and are willing to pay more to protect it. Both Democrats and Republicans polled support increases in taxes to support Social Security. Raising or eliminating the Cap was the biggest emphasis. Overwhelming majorities, nationally and in all states, raised the amount of salary and wages subject to the payroll tax at least to $250,000. More modest majorities- nationally and in every state, including modest majorities of Republicans- went further and eliminated the Cap, making all salary and wages subject to the payroll tax. DOWNLOAD THE REPORT AT WWW.VOP.ORG

So Congress needs to act and not delay any longer. Lawmakers should put in place the necessary policy changes and reforms well in advance of the insolvency date. These changes are supported by the polls. What is Congress waiting for?