Americans Deeply Concerned about Worsening Fiscal Outlook, Growing Interest Burden
A new Peter G. Peterson Foundation survey shows that 89% of U.S. voters are calling for a bipartisan fiscal commission to address the rising national debt. As a new Speaker takes the helm and Congress faces next month’s budget deadline, voters are deeply concerned about big-picture fiscal challenges, including the rising burden of interest costs and the rapidly approaching depletion of Social Security, which will result in automatic benefit cuts by 2033 if lawmakers do nothing.
More broadly, the U.S. Fiscal Confidence Index dipped this month to 38 (100 is neutral), just three points above its all-time low in May. This new national survey, jointly conducted by Democratic firm Global Strategy Group and Republican firm North Star Opinion Research, finds: 89% of voters, including 90% of Democrats, 90% of Republicans, and 87% of independents, agree that it is important for lawmakers to create a bipartisan fiscal commission to recommend comprehensive reforms to stabilize the $33 trillion and rising national debt.
91% of voters say they are concerned about America’s growing interest burden, which costs $1.8 billion per day on net interest or approximately $5,500 per household this year.
93% of voters, including 93% of Democrats and 95% of Republicans, are concerned that automatic benefit cuts to Social Security that will occur if lawmakers fail to reform the program by 2033. This across-the-board reduction (required under current law) is projected to be a $17,400 per year cut for the average couple, beginning in less than 10 years.
96% of voters say it’s important (with 73% saying its “very important”) that lawmakers reform Social Security so it is available for current retirees and younger generations.
“Across party lines, overwhelming majorities of voters are deeply concerned about the $33 trillion and growing national debt, and they want their leaders to take action,” said Michael A. Peterson, CEO of the Peterson Foundation.
“A bipartisan fiscal commission would allow lawmakers to look comprehensively across the whole budget, incorporating solutions from both parties. With interest costs rising rapidly and essential programs like Social Security on unstable footing, now is the time for a responsible, forward-looking approach to stabilize our debt put America on a stronger, more prosperous path.”
The Peter G. Peterson Foundation commissioned this poll by the Global Strategy Group and North Star Opinion Research to survey public opinion on the national debt.
The online poll included 1,000 registered voters nationwide, surveyed between October 16, 2023 and October 18, 2023.
The poll has a margin of error of +/- 3.1%. The poll examined voters’ opinions on the national debt, political leadership, and America’s fiscal and economic health.Detailed poll results can be found here.
| NEW YORK (October 26, 2023) — |
