2026 is THE Social Security Election
Martin Burns and Mary Liz Burns for Common Dreams
The future of Social Security, the government program that touches the lives of more Americans than any other, will be determined by the results of the November elections. Let us explain. The Social Security program faces a funding shortfall. As ABC News reported back in June:
Social Security’s trust fund that pays retiree and survivor
benefits is expected to begin running low on money earlier than previously expected, leading to questions from
Americans who rely on the benefits for their living expenses. Without
congressional action, the fund is now expected to begin depleting by the fourth
quarter of 2032, according to a report issued
Tuesday by Social Security’s trustees, the body that manages the trust fund.
This does not mean that, as some who for their own political
purposes argue, Social Security is going “bankrupt.” Those who depend on Social
Security (roughly 68 million Americans) do not have to worry about their checks
stopping. Instead, they need to be concerned about a very significant cut to
their benefits.
But know this: The reduction can be avoided with courageous
political action. Congress and the president can make adjustments that will
close the gap and pay out promised benefits. Back in 1983, Congress and
President Ronald
Reagan hammered out a solution to do just that.
Right now, there are a number of steps that Congress can
take that will strengthen Social Security’s finances for today and for future
generations. One of the most talked about solutions is raising the cap on the
amount of income subject to the Social Security tax—otherwise called “busting
the cap.” The Economic Policy Institute points out that:
Earnings above a cap aren’t
subject to the payroll taxes that fund Social Security. As a result,
billionaires pay the same tax as someone earning $176,100 in 2025 (the cap is
indexed to the average wage, so it changes every year). “Scrapping the cap” is
a popular and effective way to address Social Security’s
funding gap. Nearly three-fourths of Social Security’s projected long-term
shortfall would be eliminated if the cap were scrapped without
increasing benefits.



















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