Social Security trustees project the retirement trust fund could run out of money in the fourth quarter of 2032, triggering automatic benefit cuts of 22% without legislative intervention. Competitive races across the country, including toss-up contests in Alaska and Iowa, feature candidates pitching varying solutions from tax cap removals to benefit tax eliminations. During an October debate, Iowa rivals Josh Turek and Ashley Hinson both signaled openness to a bipartisan commission to safeguard the program.
Key points
Upcoming Senate winners will hold direct authority over legislative fixes needed to avert…: Upcoming Senate winners will hold direct authority over legislative fixes needed to avert massive automatic retirement reductions.
Battleground voters strongly favor proactive candidates who present specific solvency str…: Battleground voters strongly favor proactive candidates who present specific solvency strategies rather than broad hands-off promises.
Competing candidates are divided between establishing bipartisan commissions, removing pa…: Competing candidates are divided between establishing bipartisan commissions, removing payroll tax caps, and eliminating benefit taxes.
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Senators elected this November must answer a crucial question before their six-year term ends: What will they do to fix Social Security?
The program's trustees project that the trust fund Social Security relies on to help pay retirement benefits may be depleted in the fourth quarter of 2032. Without action from Congress before then, those benefits could be cut by 22%.
Lawmakers may enact reforms to prevent those automatic cuts. Or they may kick the can down the road.
Most voters — 81% — say they are more likely to support a candidate who has a plan to avoid automatic benefit cuts to Social Security over a candidate who promises not to touch the program, according to a recent survey of voters in states with competitive Senate races by the Peter G. Peterson Foundation, a nonpartisan organization.
Even so, many Senate candidates' campaign platforms lack specifics on plans for the program's future.
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