The looming insolvency of Social Security has sparked a heated debate among generations, with differing views on how to reform the program. A recent poll by the Cato Institute reveals a stark generational divide, with younger Americans and older Americans holding contrasting perspectives on Social Security's future. While most Americans have a favorable view of Social Security, nearly a third don't expect it to survive until they retire, and nearly 60% believe younger workers are getting a worse deal than today's retirees. The poll also found that the vast majority of people 65 and older believe current retirees' benefits should be protected, even if that means higher taxes on younger workers. However, most Americans under 30 said younger workers should be protected from higher taxes, even if doing so requires reducing benefits for current retirees. Members of Gen Z were eight times more likely than those 65 and older to support reducing benefits for current and future retirees to address Social Security's financial problems. The Social Security trust fund for retirees is projected to become insolvent in 2033, which means retirees can only get paid based on what's currently coming in, mainly the payroll taxes on working Americans. Without action, Social Security retirement benefits are on course for a 23% cut in less than a decade. The younger generation, which is least likely to know about Social Security, is also the least likely to vote, and they shoulder a disproportionate share of the burden of paying for Social Security. People expressed some support for raising taxes, but turned against the idea once Cato introduced specific dollar amounts. Seven in 10 Americans supported creating a nonpartisan commission to fix Social Security. An independent commission, inspired by the ones that helped determine which military bases to close, could give members of Congress political cover so the hard choices could be made to reform Social Security.
