Midterm elections put Social Security funding gaps on the ballot
Summary
Social Security’s main trust fund is projected to run out in late 2032, after which benefits could be cut by more than 20% without changes. The article says the funding outlook has become an issue in several midterm election races, where candidates have proposed options including eliminating the cap on income subject to Social Security payroll taxes.Key Facts
- The latest trustees’ report projects depletion of Social Security’s main trust fund by late 2032.
- Without action, beneficiaries could face benefit cuts of more than 20% after the fund is depleted.
- The article attributes the funding pressure largely to an aging population, with more people claiming benefits relative to the number of workers paying into the program.
- The Social Security payroll tax rate is 12.4%, split equally between workers and employers.
- In 2026, the article says the payroll tax applies to earnings up to $184,500; earnings above that limit are exempt.
- In a Michigan Senate debate, Republican Mike Rogers emphasized eliminating fraud, while Democrat Abdul El-Sayed supported removing the income cap.
- Maine Senate candidates Susan Collins and Troy Jackson have each proposed ways to stabilize Social Security; Jackson supports eliminating the income cap.
- A September AARP poll found that 81% of surveyed likely Maine voters aged 50 and older said Social Security would factor into their vote.
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