Midterm elections put Social Security funding gaps on the ballot

With the midterms days away, the future of Social Security has become a live campaign topic. The trustees' latest projections show the program's main trust fund running dry by late 2032, at which point benefits would fall by more than 20%. Whoever wins in November, new and returning lawmakers will inherit a problem Congress has avoided for decades. The shortfall stems mainly from an aging population, with more retired baby boomers collecting and fewer workers paying in, according to CBS News.

Senate contests show the range of positions. In Michigan, Republican Mike Rogers stressed rooting out fraud during an Oct. 25 debate, while Democrat Abdul El-Sayed backed lifting the cap on income subject to payroll tax, currently $184,500. Economist Jon Schwabish reviewed 20 Senate races and found roughly half the candidates open to raising or ending that cap.

Maine, home to the nation's oldest population, is another focal point. An AARP survey found 81% of likely voters aged 50 and older there count Social Security among their voting concerns. Democrat Troy Jackson wants to scrap the cap. Republican Sen. Susan Collins proposes a bipartisan commission, possibly considering a higher cap, and promises no benefit cuts.

Summarized by PolitiKool from CBS News’s reporting. Read the full story at CBS News →