U.S. Midterms Put Social Security Funding on Ballot
The program’s main trust fund is projected to run out in 2032, putting benefit cuts in focus.
Social Security’s main trust fund is projected to be depleted by late 2032. Without congressional action, recipients would face benefit reductions of more than 20%, making the funding question important for Spokane residents and families planning around future payments.
The pressure will fall on current and newly elected lawmakers after decades without a lasting fix. The program is under strain as more baby boomers claim benefits while a smaller share of workers pays payroll taxes, requiring the agency to use its trust funds.
Candidates have offered different approaches. Some support removing or raising the $184,500 income limit for Social Security payroll taxes; the tax rate is 12.4%, split evenly between employers and workers. Others have focused on preventing fraud or promised to protect full benefits without outlining a detailed plan. An analysis of 20 Senate races found that about half the candidates backed raising or eliminating the cap.
The issue is especially prominent in Maine, where about 390,000 people collected Social Security in December 2025 and 81% of surveyed likely voters age 50 and older said it would influence their vote. The election results will leave Congress with the task of deciding how to address the projected shortfall.
- Main trust fund projected to run out by late 2032
- Benefits could drop by more than 20% afterward
- Current payroll-tax income limit: $184,500
- Payroll tax rate: 12.4%, split between employers and workers
- About half of candidates in 20 Senate races backed raising or removing the cap
Source: CBS News U.S. ↗
Summarized from the reporting above. Read it for the full story.
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