Social Security’s financial future is on voters’ minds for the midterm

Members of Congress know that there will be automatic cuts in Social Security benefits in a matter of years if they don’t figure out how to put it on more solid financial footing.

But there is very little political will to push forward with the types of fixes that could make the program more viable, such as lowering the income limit for eligibility, increasing the age of eligibility or raising payroll taxes on wealthy Americans.

Still, lawmakers are also aware that the pending cliff of automatic 22% cuts could come as soon as 2032, according to the latest report from the Social Security Board of Trustees. And that would be wildly unpopular too.

The last time substantial changes to Social Security were passed into law by Congress was in 1983. But a new poll shows Georgia voters are worried about the future of Social Security and are willing to support candidates who focus on a fix.

The survey conducted on behalf of the Peter G. Peterson Foundation, a nonpartisan organization focused on strengthening America’s fiscal future, found more than 80% of Georgia voters said if a candidate has a plan to prevent automatic Social Security cuts it would factor into their decision in November.

U.S. Rep. Clay Fuller said he wishes lawmakers had not kicked the can down the road over the years.

“I think the best thing that we can do to fix this problem is build a time machine,” the Lookout Mountain Republican said. “We travel back to 2005, make sure the Democrats don’t kill the Bush administration’s efforts to fix this problem.”

President George W. Bush introduced a framework at the time that would have allowed Americans to invest some of the money they pay in Social Security taxes into private accounts similar to a 401(k). This would have allowed people to grow their money more quickly if the markets were strong but also would have required them to give up a portion of their guaranteed benefits.

The American public never warmed to his idea, even as Bush made it central to his second-term agenda. While Democrats opposed the effort wholesale, it received pushback from Republicans too.

Whoever wins Georgia’s U.S. Senate race this year would be in office when the automatic cuts happen, unless Congress does something to stop them. The nonpartisan Committee for a Responsible Federal Budget estimates Georgia beneficiaries would see an average monthly cut of $487.

The issue hasn’t gained much attention in the contest. But Democratic U.S. Sen. Jon Ossoff’s campaign has paid for two TV ads accusing his Republican opponent, U.S. Rep. Mike Collins, of “voting to gut Social Security.” Ossoff’s campaign says that Collins has supported legislation that would either lead to cuts in the program or accelerate its insolvency.

Collins’ team says that Ossoff’s ads are misleading and point to a PolitiFact report labeling one spot as “mostly false.” Collins’ campaign says he does not support cutting benefits for seniors who have already paid into the program.

Georgia’s U.S. House delegation could look very different in 2032, given that members must decide every two years if they will run for another term.

Current lawmakers say they want to solve the issues. But there are different ideas about how to do it and who should be affected.

U.S. Rep. Nikema Williams, D-Atlanta, said changes should not impact seniors who are currently collecting benefits or nearing retirement age.

“I’m not willing to leave our seniors behind in their golden days who paid into the system, and they deserve a country who is willing to stand up for them instead of spending $1 billion a day over for this unauthorized war,” she said, referring to the conflict with Iran.

Rep. Andrew Clyde, R-Athens, said the solutions reside within a wider conversation about fiscal responsibility that includes reprioritizing and cutting government spending overall.

Rep. Rich McCormick said he doesn’t foresee lawmakers acting until the worst is upon them. And then he said, instead of making tough choices like increasing taxes or cutting benefits, Congress will find a way to delay making a decision.