How Social Security Reform Could Impact the Midterm Elections

Americans go to the polls next month for the midterm elections, and Social Security is shaping up to be a big issue on the minds of voters.

According to a report by CNBC, senators elected this November will be in office at the end of 2032 — that’s the projected depletion date for the Social Security trust fund used to pay retirement benefits. Without intervention by Congress, benefits could be slashed by 22 percent.

New research by the non-partisan Peter G. Peterson Foundation finds that “81 percent of respondents in states with competitive Senate races say they are more likely to vote for candidates with plans to avoid automatic Social Security benefit cuts than for a candidate ‘who promises not to touch Social Security.’”

A survey of registered voters in key battleground states — Georgia, Michigan, North Carolina, Ohio and Texas — found that 91 percent support Social Security reforms; this includes 92 percent of Republicans and 90 percent of Democrats surveyed.

It will be interesting to see what happens in November. Will voters elect lawmakers committed to shoring up Social Security?

A Solvency Solution

The Seniors Trust believes the best solution to Social Security’s solvency issue has already been introduced. We want Congress to enact The Social Security Expansion Act. This landmark bill buttresses the long-term solvency of Social Security by expanding benefits for seniors — not cutting them!

If passed, this legislation will make four major changes to Social Security for retirees:

• Benefits will be increased for most recipients by about $200 per month.
• The Consumer Price Index for the Elderly (CPI-E) will be used to calculate Social Security Cost-of-Living Adjustments (COLAs) instead of the Consumer Price Index for Urban Wage Earners (CPI-W) used currently. The CPI-E takes the unique spending habits of seniors into account — particularly regarding the cost of healthcare — and offers a more realistic COLA for retirees.
• The minimum Social Security benefits would be increased to provide higher payments to seniors and greatly reduce senior poverty.
• The long-term solvency of the Social Security program would be guaranteed.