One of the Republican ideas how to solve the funding gap Social Security is facing in 2034 when the agency is projected to fall short of being able to meet 100 percent of beneficiary obligations is to reduce Social Security benefits, but this is not popular idea among most Americans.
A recent story found on the Fox Business site highlights this fact. If even Fox Business is saying a cut in Social Security benefits would be extremely unpopular, it would be dangerous for the Republican Party to even entertain the idea.
According to the story, a Pew Research survey determined that about 70 percent of registered voters across both political parties were opposed to reducing Social Security benefits and more than 80 percent want the program to be maintained even if it means an increase in taxes. This is an undeniable message that the American people are not in favor of any sort of Social Security cut.
Other ideas of solving the funding problem would be more popular like increasing the maximum taxable earnings cap of $128,400. Everyone who earns more than $128,400 a year does not pay Social Security tax on every dollar earned over $128,400. Another solution, which could be instituted individually or alongside increasing the maximum taxable earnings cap, would be to increase Social Security taxes for workers and employers, something the American people have been supportive of if it means saving Social Security as it is. Social Security remains a hot-button issue and few lawmakers are interested in offering legislation to solve the problem because cutting Social Security or raising taxes are not popular solutions, so the solution will have to wait until we get closer to 2034.
Philip Moeller, author of a book on how to maximize Social Security benefits, told Fox Business that if it was left up to ordinary Americans, the problem would have been solved already.
“If you let regular people fix this program, you could bet it would have already been fixed,” he said. “People are pretty practical.”
