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<\/p>\nAmericans overwhelmingly want Social Security preserved before projected benefit cuts take effect in 2032. However, a new Reagan National Economic Survey indicates significant disagreement over the best way to prevent cuts. <\/p>\n
There are differences of opinion on whether to lift the Social Security wage cap, raise taxes, cut benefits by 22%, or pursue more creative fixes. Like those polled by the Ronald Reagan Institute, divides exist between the lawmakers in charge of finding solutions and writing them into law. <\/p>\n
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Image source: Getty Images.<\/p>\n
One thing nearly everyone agrees on<\/p>\n
In a poll by the Peter G. Peterson Foundation, 96% of voters said that Senate candidates must explain their plans to prevent looming Social Security<\/a> cuts. This demand effectively creates a mandate for action in 2026 and future elections. <\/p>\n The broad consensus is that a crisis is coming, and Congress must take steps to prevent it. <\/p>\n Sharp divisions regarding what needs to be done<\/p>\n The Reagan National Economic Survey asked registered voters about four different options for dealing with Social Security’s $250 billion shortfall — reducing benefits, raising taxes on workers, raising the full retirement age<\/a>, and simply adding to the national debt. Reaction to each of these suggestions was lukewarm. Even the most popular option — raising the retirement age — received only 26% support. <\/p>\n Survey respondents overwhelmingly rejected the four options presented, with many selecting “other” as their preferred approach to the issue expected to affect more than 70 million Americans. <\/p>\n “Other” suggestions<\/p>\n Of those who preferred to add their own ideas to the survey, 40% suggested increasing taxes on the wealthy or corporations, or lifting the Social Security tax cap. Currently, only the first $184,500 of an individual’s wages are subject to Social Security taxes, and these 40% would like to see that cap increased or removed. <\/p>\n Given that the U.S. spent $954 billion in 2025 alone, 13% of respondents would like to see the U.S. reduce spending on national security and defense priorities.<\/p>\n Offered specific options<\/p>\n The survey asked respondents to choose between the following three options:<\/p>\n Increase your taxes by $1,500
\nCut existing retiree benefits by $5,000
\nCut benefits to moderately high-net-worth retirees by $15,000<\/p>\n