Swing-state voters are open to several ideas to keep Social Security benefits flowing for decades — as long as it’s the wealthy footing the bill, according to the latest Bloomberg News/Morning Consult poll.
An overwhelming 77% of registered voters in the seven states that will decide the 2024 presidential election like the idea of a billionaires tax to bolster Social Security shortfalls, the poll found. More than half say they approve of trimming benefits for high-earners, and for taxing wages for Social Security beyond the first $168,600 in earnings as done under current policy.
The poll was conducted among registered voters in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin between April 8-15.
Across-the-board changes — raising the retirement age to 69 from 67 or introducing a new formula that results in less generous benefit payments — were less popular. Around one-fourth of poll respondents supported those policies, while about a third support increasing payroll taxes.
The poll demonstrates the difficult task Congress will face in the coming years as it grapples with how to shore up the social safety net program for aging Americans. The Congressional Budget Office estimates that starting in 2034 Social Security recipients will only receive about 75% of their promised payments if lawmakers don’t act.
“A lot of people want the government to take action, but they’re not really sure how,” Matt Monday, a senior manager for Morning Consult, said in an interview. “But the things that they do feel sure about is that someone else should do it,” he said, pointing to the wide popularity of the billionaires tax.
President Joe Biden’s billionaires tax would place a 25% levy on households worth more than $100 million. The plan taxes accumulated wealth, so it ends up hitting money that often goes untaxed under current laws. The president has also proposed higher payroll taxes on those making more than $400,000 as a way to strengthen the Social Security trust fund.
Conversations in Washington about large-scale plans to find new ways to fund Social Security have become more pressing with projections showing the program is becoming increasingly unsustainable. But changes to Social Security are politically risky because older Americans, who are directly benefitting from the payments, are an important voting bloc for both parties.
Benefit programs for elderly Americans are one of voters’ top priorities in November — only the economy, immigration, abortion and protecting democracy were chosen more often when respondents were asked what single issue was most important to their voting decision.
The poll also found that swing state voters trust Biden more than Republican presumptive nominee Donald Trump to preserve Social Security and Medicare, with 45% trusting Biden and 39% trusting Trump.
Trump has not articulated a clear vision for the benefit programs. His campaign website says he will “always protect” Social Security without providing details. In a March interview, he said “there is a lot you can do in terms of entitlements in terms of cutting,” but later walked back that statement, saying he would never do anything to “jeopardize or hurt” the payments for older people.
Republicans in Congress have proposed raising the retirement age and using a new cost of living adjustment metric that would result in lower payments over time. Nikki Haley, who challenged Trump for the GOP presidential nomination, proposed scaling back Social Security benefits for future generations and higher income retirees.
METHODOLOGY
The Bloomberg News/Morning Consult poll surveyed 4,969 registered voters in seven swing states: 801 registered voters in Arizona, 802 in Georgia, 708 in Michigan, 450 in Nevada, 703 in North Carolina, 803 in Pennsylvania and 702 in Wisconsin. The surveys were conducted online from April 8-15. The aggregated data across the seven swing states were weighted to approximate a target sample of swing-state registered voters based on gender, age, race/ethnicity, marital status, home ownership, 2020 presidential vote and state. State-level data were weighted to approximate a target sample of registered voters in the respective state based on gender, age, race/ethnicity, marital status, home ownership, and 2020 presidential vote. The margin of error is plus or minus 1 percentage point across the seven states; 3 percentage points in Arizona, Georgia and Pennsylvania; 4 percentage points in Michigan, North Carolina, and Wisconsin, and 5 percentage points in Nevada.
Maybe you’re young, and you think this doesn’t affect you. But, it will affect your parents, or your grandparents.
And, remember, if Republicans kill these programs, the dollars you pay in -- that are/have been withheld from your paycheck -- you will never get back.
A big cost and concern for many seniors in the U.S. is the price of prescription drugs and other healthcare expenses—and this year, thanks to The Inflation Reduction Act, their costs may go down dramatically, especially for patients fighting cancer or heart disease.
I learned about the new benefits because my ‘Medicare birthday’ is coming up in a couple months when I turn 65. I was shocked that there were so many positive changes being made, which I never heard about on the news.
Thousands of Americans on Medicare have been paying more than $14,000 a year for blood cancer drugs, more than $10,000 a year for ovarian cancer drugs, and more than $9,000 a year for breast cancer drugs, for instance.
That all changed beginning in 2023, after the Biden administration capped out-of-pocket prescriptions at $3,500—no matter what drugs were needed. And this year, in 2024, the cap for all Medicare out-of-pocket prescriptions went down to a maximum of $2,000.
“The American people won, and Big Pharma lost,” said President Biden in September 2022, after the legislation passed. “It’s going to be a godsend to many families.”
Another crucial medical necessity, the shingles vaccine, which many seniors skip because of the cost, is now free. Shingles is a painful rash with blisters, that can be followed by chronic pain, and other complications, for which there is no cure
In 2022, more than 2 million seniors paid between $100 and $200 for that vaccine, but starting last year, Medicare prescription drug plans dropped the cost for shots down to zero.
Another victory for consumers over Big Pharma affects anyone of any age who struggles with diabetes. The cost of life-saving insulin was capped at $35 a month [for people on Medicare].
Medicare is also lowering the costs of the premium for Part B—which covers outpatient visits to your doctors. 15 million Americans will save an average of $800 per year on health insurance costs, according to the US Department of Health and Human Services.
Last year, for the first time in history, Medicare began using the leverage power of its large patient pool to negotiate fair prices for drugs. Medicare is no longer accepting whatever drug prices that pharmaceutical companies demand.
Negotiations began on ten of the most widely used and expensive drugs.
Among the ten drugs selected for Medicare drug price negotiation were Eliquis, used by 3.7 million Americans and Jardiance and Xarelto, each used by over a million people. The ten drugs account for the highest total spending in Medicare Part D prescription plans...
How are all these cost-savings being paid for?
The government is able to pay for these benefits by making sure the biggest corporations in America are paying their fair share of federal taxes.
In 2020, for instance, dozens of American companies on the Fortune 500 list who made $40 billion in profit paid zero in federal taxes.
Starting in 2023, U.S. corporations are required to pay a minimum corporate tax of 15 percent. The Inflation Reduction Act created the CAMT, which imposed the 15% minimum tax on the adjusted financial statement income of any corporation with average income that exceeds $1 billion.
For years, Americans have decried the rising costs of health care—but in the last three years, there are plenty of positive developments.
For those who self h@rm by cvtting, here’s some tips for taking care of yourself from someone whos being doing it for 10+ years
•It’s okay, don’t think any less of yourself for relapsing. It happens and its okay. No one ever tells you that its okay.
•Invest in a person first aid kit, I’m a first responder so I’ve always been stocked up. You should make sure your kit has the following:
• sterile cleansing wipes (you can never have enough of these)
•Conforming bandages (you’ll need this for bigger cuts to help keep the gauze secure
•Microporous Tape
•Different size wound dressings
•Plasters of all different sizes (fabric ones work best I find)
•Kitchen roll (I know that sounds strange but it helps to stop the bleeding, where as tissue just falls to bits)
•Some wound closure stitches (butterfly stitches)
•Wash your hands properly before you cvt, it will help keep you safe okay
•Whatever your going to cvt with make sure you give it a good clean with a sterile wipe, I got some nasty infections from not doing this when I was young.
•After you have had your ‘session’ (at least that’s what I call mine) make sure that you treat your wound properly:
•Hold the kitchen roll to your wound until it stops bleeding.
•Clean the area with the sterile wipes thoroughly
•If it is small enough for a plaster then out that on there
•If not use the wound dressings, measure up to the wound ensuring that there is a good finger width between the edge of the cut and the end of the dressing
•Use the tape to secure it into place
•Hold one end of the bandage away from the wound before you start wrapping it (so you have something to tie it off with)
•Don’t wrap it too tight or it will be uncomfortable and you’ll want to take it off
•Change the bandage or plaster every day at least once (I know that it’s hard but if you don’t it might cause an infection)
•If you cvt too deep, it happens it’s okay I’ve been there, push firmly against the wound with a tea towel or any fabric you can get. If the blud is pouring out I’m going to need you to hold it against you wound as hard as you can and then a little harder. Call you Emergencey service number (999, 911 etc) they will talk you though what you have to do and get you help.
•Dispose of any blades you use, don’t use them twice it WILL cause an infection that can get into your blood. I bought pencil sharpeners on Amazon for very cheap. One use only okay? You don’t want to get sick over it.
•If you want to help your scars become less visible use Bio Oil I think that it works the best and really helped me with the ones on my arms.
•There are things that can help you with your urges or relapses.
•Some helpful apps that I would recommend are:
•StayAlive (I have had this on my phone for many years now and it has saved my life
It has saved my life on many occasions and if you find that you are in need of die help, you can show it to the emergency services and they will help you okay. We are trained in this.
•Harm less (It gives you motivational things whenever you open it, it’s 100% customisable and it can help you keep track of your relapses)
•Its okay to relapse, I’ve been though it many times, I recently just relapsed acted a 250+ day gap. Its okay and no one says it enough. You haven’t let anyone down, no one is disappointed in you, your okay.
Just some tips I’ve learnt over time, it’s going to be okay
Social Security and Medicare might not be important to you, but I guarantee it's important to someone you know, whether it's your parents, or grandparents, or friends... someone you know relies on that money. Plus, you're paying into those programs with every pay check. That's your money. You will never get that money back.