The most recent report from the Social Security trustees warns that the program would run out of money to pay full payments in about 12 years unless something is done.
Without legislative intervention, the $2.9 trillion trust fund would be exhausted by 2034, the research says, and Social Security will have to rely exclusively on current tax income to pay benefits.
With this amount of money, we could only afford to pay out roughly 3/4 of the benefits that are due.
The good news is, however, that. Voters on both sides of the political spectrum back many policy proposals designed to close the Social Security funding gap.
Through an online 'policymaking simulation,' the University of Maryland's Program for Public Consultation (PPC) polled over 2,500 eligible voters.
After being informed of Social Security's current predicament, respondents were asked to weigh the pros and cons of possible solutions to the funding crisis.
Conservatives and liberals alike overwhelmingly supported measures to either raise taxes or reduce or even expand welfare programs for the poor.
Depending on the policies enacted, PPC experts estimate that these actions would remove 79% to 95% of the deficit over the following 75 years.