In case you haven't noticed, we've got a battle brewing on Capitol Hill. In less than 18 months, Americans will head to the polls to decide who should lead this country for the next four years. There are seemingly new Democrats throwing their hats into the ring for the presidency each week, and the "punches" between President Trump and many of these Democratic candidates are already being thrown.

But there's actually a more important battle that needs to be fought in Washington. Namely, the battle against Social Security's projected insolvency by 2035.

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Forget political banter: Social Security's problems are a bigger story

According to the latest report from the Social Security Board of Trustees, the program's $2.89 trillion in asset reserves -- i.e., the aggregate net cash surpluses saved up since inception -- are forecast to be exhausted by 2035 as the result of numerous ongoing demographic changes. While this won't bankrupt the Social Security program, it demonstrates that the existing payout schedule, inclusive of annual cost-of-living adjustments, isn't sustainable. In order for the program to remain solvent over the long term (which is defined as the next 75 years), the Trustees report predicts that up to a 23% cut in benefits may await retired workers, with an average 20% reduction for payouts as a whole for all beneficiaries.

The idea of Social Security cuts generally doesn't sit well with the public, and for good reason. Data from the Social Security Administration shows that 62% of retired workers are generating at least half of their monthly income from Social Security, with 34% receiving virtually all of their income (90%-plus) from America's top social program. Furthermore, it's responsible for lifting more than 15 million retired workers out of poverty each month, based on an analysis by the Center on Budget and Policy Priorities.

When surveys have been conducted of the public -- a public that can arguably be confused at times when it comes to Social Security -- the most popular solution to this mess has been to tax the rich. Whether it's raising or eliminating the earnings tax cap associated with the program's payroll tax on earned income, or simply choosing some form of tax over a benefit reduction, the public has made clear that they don't care to see Social Security benefits reduced anytime soon.

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