Social Security faces insolvency risk as Americans doubt its future

"Nor are most aware of the dramatic demographic shifts from 16 workers per retiree in 1950 to 2.7 today that drive the program's budget shortfall. Still, the poll of 2,000 Americans shows strong bipartisan support for Social Security, now in its 90th year, with favorable views held by 90% of Democrats, 82% of Republicans and 81% of independents. But confidence in the program's future is eroding."

"Social Security is projected to become insolvent by 2033. Absent congressional action, benefits would be cut by roughly 21% at that point. Distrust of lawmakers is widespread: as 62% of respondents said Congress has mostly broken its promises in managing Social Security, while 71% support the creation of a nonpartisan commission to address its long-term funding. But 77% oppose cutting benefits, and the same share oppose raising their own payroll taxes by about $1,300 per year."

Many Americans lack understanding of how Social Security is funded, how benefits are determined, when eligibility begins, and that earlier cohorts paid much less than they received. Demographic shifts from 16 workers per retiree in 1950 to 2.7 today have created a budget shortfall. Favorable views are held by 90% of Democrats, 82% of Republicans, and 81% of independents, but confidence in the program's future is eroding. About 30% do not believe Social Security will exist in the future, and 70% expect benefit cuts. Social Security faces projected insolvency by 2033, risking roughly 21% automatic benefit cuts absent congressional action.

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