A new AARP postelection poll reveals a stark reality: older voters, a significant voting bloc, overwhelmingly feel worse off financially than four years ago. This economic anxiety, particularly pronounced among swing voters aged 50 and over, significantly influenced the recent election, impacting both presidential and congressional races. The findings highlight the crucial role of **pocketbook issues** in shaping voting patterns and underscore the looming challenges facing programs like **Social Security and Medicare**. The election results signal a potential shift in political priorities, particularly concerning the future of these essential social safety nets.
Key Takeaways: AARP’s Postelection Poll Reveals Shifting Sands
- Economic Anxiety Prevails: Nearly half (47%) of voters aged 50 and over reported being worse off financially, with a staggering 55% of swing voters in this age group feeling the same.
- Pocketbook Issues Decide: A significant majority (55%) of voters over 50 prioritized personal economic concerns, including inflation, the economy, jobs, and Social Security, when casting their ballots.
- Older Voters Sway Key Races: Older voters, a typically Republican-leaning group, played a critical role in delivering Republicans a majority in many congressional races.
- Social Security’s Future in Jeopardy: The Social Security trust fund is projected to be depleted by 2033, prompting urgent calls for congressional action, and complicating the debate surrounding the program’s solvency.
- Medicare Faces Similar Challenges: Similar concerns surround Medicare’s Part A trust fund, highlighting broader anxieties about the long-term sustainability of crucial social programs.
Older Swing Voters Focused on Pocketbook Issues
The AARP poll clearly demonstrates that economic anxieties were paramount for older voters, particularly those considered swing voters. A previous June AARP survey already hinted at this growing concern: 62% of respondents aged 50 and over expressed worry about their financial situations. This anxiety intensified leading up to Election Day.
The Top Financial Concerns:
The November poll identified the top cost concerns for voters aged 50 and over:
- Food: 39%
- Healthcare and Prescription Drugs: 20%
- Housing: 14%
- Gasoline: 10%
- Electricity: 6%
“**All these surveys that we conducted for AARP spoke to a lack of economic security for people, **” said Jeff Liszt, partner at Impact Research. “**The shock of inflation had left them without a feeling of security.**”
This financial insecurity directly influenced voting choices. Republicans secured the support of older voters on most economic issues; however, Democrats maintained a slight edge (2 points) on Social Security. This shrinking lead, according to Republican pollster Bob Ward, signals a potential shift: “**Looking at the midterms, whether I’m Republican or Democrat…this is going to be an issue I want to win on.**”
While economic concerns dominated, other issues, including **immigration, border security, and threats to democracy,** also influenced some older voters’ choices.
Social Security Reform: A Looming Crisis
Both presidential candidates pledged to protect Social Security during the campaign; however, neither presented concrete plans to address the program’s looming insolvency. The Social Security trust fund, which pays benefits, is projected to run dry in 2033, leaving only 79% of promised benefits payable.
“**What’s absolutely clear is that there’s an action-forcing event that we’re getting closer to, and that at some point Congress is going to have to act,**” stated Nancy Altman, president of Social Security Works.
Complicating the Debate:
President-elect Trump’s proposal to eliminate taxes on Social Security benefits, while popular, would, according to research, exacerbate the program’s financial woes. Further complicating matters, the House recently voted to eliminate rules that reduce Social Security benefits for individuals with pension income — a move that will add to the program’s costs. These actions underscore the complexity of finding a sustainable solution.
Social Security is a crucial lifeline for millions of Americans. For those aged 65 and over, approximately 42% rely on it for at least 50% of their income, with around 20% depending on it for at least 90% of their income.
The financial challenges extend beyond Social Security. Medicare’s Part A program (covering hospital insurance) faces a similar trust fund depletion crisis. This dual challenge emphasizes the broader need for addressing the long-term financial sustainability of essential social programs.
“**We want to ensure that we’re protecting Medicare, Social Security and that it’s done in a fiscally responsible way,**” AARP CEO Dr. Myechia Minter-Jordan recently told CNBC. This statement reflects the growing consensus that these programs require immediate attention to prevent future financial hardship for millions of Americans.
