Voters Across Party Lines Support the Social Security Expansion Act
By Sabrina Jacobs
Since President Franklin Roosevelt signed the Social Security Act in 1935, Social Security has been a crucial federal program that provides an income to retirees and those who are disabled. However, Social Security’s future remains uncertain, as the program’s funds are expected to be exhausted by 2037. If nothing is done, payroll taxes would then be only enough to cover about 76 percent of benefits.
In response, members of Congress have proposed the Social Security Expansion Act. The bill would extend the solvency of Social Security for 75 years and increase benefits for all recipients by $2,400 per year. This would greatly help retirees and disabled individuals keep up with the rapidly increasing cost of living, significantly benefit millions of Americans who are struggling to make ends meet, and help grow our economy.
Data for Progress finds an overwhelming majority of likely voters (78 percent) are in favor of the Social Security Expansion Act. This includes 85 percent of Democrats, 75 percent of Independents, and 72 percent of Republicans.
In order to pay for the expanded Social Security benefits, members of Congress have considered imposing payroll taxes on Americans making more than $250,000 per year. Data for Progress finds a bipartisan majority of voters are in favor of this proposal. Seventy-three percent of voters support imposing payroll taxes on the wealthy to help cover the Social Security Expansion Act, including 88 percent of Democrats, 69 percent of Independents, and 60 percent of Republicans.
Since the federal government runs Social Security, it guarantees benefits regardless of the state of the economy. However, some legislators argue that privatizing Social Security would produce better investment returns and greater benefits for retirees. Others argue that privatizing Social Security is risky, as it would leave people’s funds at the whim of the stock market.
Voters across party lines (74 percent) are in favor of keeping Social Security a federal program, rather than privatizing it. This includes 80 percent of Democrats, 69 percent of Independents, and 73 percent of Republicans.
Our polling makes clear that voters want Social Security to continue as a guaranteed federal program far beyond 2037. It’s crucial that we pass the Social Security Expansion Act to protect retirees and disabled individuals by expanding their benefits and ensuring that Social Security remains fully funded for the next 75 years.
Sabrina Jacobs (bri_jacobs) is a staff writer for Data for Progress.