Social Security is projected to become insolvent in 2032 and trigger automatic benefit cuts according to the most recent estimates, and Americans are split on the best way to reform the entitlement program to secure its future, a new nonprobability-based poll finds.

The Ronald Reagan Institute’s Reagan National Economic Survey, reviewed exclusively by FOX Business, asked voters how they think Social Security’s shortfall should be closed to prevent benefits from being cut when the program is no longer to pay out full benefits in 2032.

“Americans fall into two different camps: those who want to do something about it and those who want to push this off to the next generation,” Dan Rothschild, director of the Center for Civics, Education, and Opportunity at the Reagan Institute, told FOX Business in an interview.

The survey asked registered voters about three specific policy options that could improve Social Security’s fiscal outlook – raising taxes on workers, reducing benefits and raising the retirement age – each of which encountered opposition.

SOCIAL SECURITY’S MAIN TRUST FUND FACES DEPLETION IN 2032, TRIGGERING BENEFIT CUTS

Social Security is projected to face insolvency in 2032, according to recent projections. (iStock)

Payroll taxes on current workers and their employers are the primary way funding is provided for Social Security, but the prospect of higher taxes was opposed by 80% of voters, with similar findings across party-lines and age groups.

Reducing Social Security benefits faced even stronger opposition among registered voters, with 90% opposed, according to the poll. Notably, the youngest age cohort had the most support for benefit cuts, with 22% of 18-to-29-year-olds in favor, compared to 78% in opposition.

Borrowing money and adding to the national debt also faced broad opposition, with just 24% of voters in favor and 76% opposed.

LARRY FINK CALLS FOR SOCIAL SECURITY REFORM, SAYS INVESTING A PORTION OF FUNDS COULD STRENGTHEN THE PROGRAM

Social Security reforms could include higher taxes, lower benefits, or a mixture of the two with other changes to the entitlement program. (Mark Felix/The Washington Post)

Raising the retirement age was viewed as a slightly more favorable reform option, with 26% support to 74% opposition among registered voters. 

There was a modest partisan split, with 31% of Republicans and 25% of Independents in favor, compared with 21% of Democrats. Additionally, the youngest and oldest age cohorts were the most supportive of a higher retirement age, with 30% of 18-29-year-olds and 33% of those 65 and up in favor.

NEW PROPOSAL WOULD CAP SOCIAL SECURITY BENEFITS AT $100K FOR WEALTHY COUPLES

When asked to choose between increasing taxes by $1,500 per year; cutting benefits to existing retirees by $5,000 per year; and cutting benefits to retirees with a net worth over $1 million, including the value of their homes, by $15,000 per year. 

Respondents were in favor of the latter option with 71% in favor. That’s compared with 20% in favor of the tax increase and 9% supporting the benefit cuts.

If Social Security’s main trust fund is depleted, federal law requires benefits be cut to match incoming payroll tax revenue. (Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images)

AMERICANS OPTIMISTIC ABOUT INNOVATION ADDRESSING MAJOR CHALLENGES, SURVEY FINDS

Medicare is also facing insolvency in 2033, and the poll found 43% of voters favored raising taxes on workers by about $2,400 per year, compared with 33% who favored hiking premiums on Medicare beneficiaries by $1,000 per year and the 24% who supported reducing the services covered by Medicare to lower costs.

“A really significant number of people did not want to make any changes at all. That was driven by a large degree by the perception that Social Security and Medicare have had a effectively mythical trust fund raided, that the money has been spent somewhere else, that this is the result of waste, fraud and abuse – not that it’s a problem inherent to a pay-go-system like this,” Rothschild said.

“I see a massive gap between the way that Americans understand the way that entitlement programs are funded and the way that entitlement programs are actually funded,” he added.

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NEW YORK — LeBron James’ potential return to the Cleveland Cavaliers has intensified in the wake of the team’s Eastern Conference Finals sweep by the New York Knicks, with reports suggesting a sign-and-trade agreement with the Los Angeles Lakers could serve as the most realistic path for a homecoming.

The 41-year-old superstar, who is entering unrestricted free agency with a $52.6 million expiring contract, has not publicly commented on his future plans. However, NBA analysts and insiders have begun mapping out scenarios that would bring James back to the franchise where he won his first championship in 2016.

According to reports, any reunion would likely require a sign-and-trade structure due to the Cavaliers’ position as a second-apron team under the NBA’s collective bargaining agreement. Such a deal would hard-cap Cleveland and necessitate significant salary relief, with Jarrett Allen frequently mentioned as a key piece heading to Los Angeles.

Proposed Trade Framework

A potential framework floated in recent discussions would see James sign a new contract with the Lakers before being traded to Cleveland. In exchange, the Lakers could receive Jarrett Allen, a 6-foot-11 center known for his elite rim protection and rebounding. Allen, who earns approximately $28 million annually, has been a target for the Lakers in past rumors as they seek to bolster their frontcourt alongside star players.

The Cavaliers would also need to manage additional salary obligations, potentially involving forward Dean Wade or other roster pieces to satisfy cap rules. James is reportedly unwilling to accept a significant pay cut, complicating Cleveland’s ability to fit him under current constraints without creative financial maneuvers.

The structure would allow both sides potential benefits. Cleveland would add a generational talent for what could be a final championship window, while the Lakers would acquire a proven defensive anchor to complement their roster.

Cavaliers’ Recent Struggles and Motivation

Cleveland’s postseason exit highlighted ongoing needs in the frontcourt and overall experience. Despite strong regular-season performance, the team struggled against the Knicks’ physicality and star power. Bringing back James, who previously led the franchise to four straight Finals appearances, could provide the leadership and scoring punch many believe is missing.

However, the Cavaliers already carry one of the league’s highest payrolls. Fitting James without shedding substantial salary would be difficult, making the sign-and-trade route nearly essential for any serious pursuit.

Lakers’ Perspective and Roster Needs

For the Lakers, parting with James after several seasons would represent a major transition. The team has been linked to roster upgrades aimed at building around younger talent. Acquiring Allen would address long-standing interest in a mobile, defensive-minded center capable of protecting the rim and finishing in transition.

The move would also free up future flexibility for Los Angeles, potentially allowing them to pursue additional pieces in free agency or future drafts.

LeBron’s Career Context

James has spent significant portions of his career with both franchises. He played his first seven seasons with Cleveland before joining the Miami Heat, then returned for four more years from 2014 to 2018. His 2018 departure to the Lakers marked the beginning of a new chapter that included another championship in 2020.

At 41, James remains one of the league’s most productive players, though questions about his workload and longevity persist. A return to Cleveland would represent a sentimental homecoming for the Akron native, potentially closing his playing career where it began.

Salary Cap and CBA Complications

The NBA’s current collective bargaining agreement, with its apron thresholds and luxury tax penalties, significantly complicates star movement for teams like the Cavaliers. Cleveland would need to navigate these rules carefully, possibly requiring additional players to be moved or creative contract structures to remain compliant.

League sources have indicated that while challenging, such a deal is not impossible if all parties are motivated. However, the second-apron restrictions mean any James acquisition would limit Cleveland’s future flexibility for several seasons.

Broader NBA Implications

A LeBron James move would send shockwaves through the league. It would reshape Eastern Conference dynamics, potentially elevating the Cavaliers back into title contention while forcing the Lakers into a rebuild or retooling phase. Other teams would also adjust their free agency and trade strategies in response.

The situation remains fluid. James has not indicated his intentions, and both the Cavaliers and Lakers have yet to comment publicly on any discussions. NBA rules prohibit teams from negotiating with free agents until the official moratorium period begins in early July.

As the offseason progresses, James’ decision will be among the most closely watched storylines. Whether he chooses to return to Cleveland, stay with the Lakers, or explore other options will shape not only his legacy but also the competitive balance across the NBA for years to come.

For Cleveland fans, the possibility of James’ homecoming represents hope for a new era of contention. For the Lakers, it marks a potential end of an era and the beginning of a new chapter. The coming weeks will reveal whether these rumors translate into concrete action or remain speculative discussions in what promises to be one of the most intriguing offseasons in recent NBA history.

NEW YORK — Erasca Inc. shares rose sharply on Wednesday, climbing 8.96 percent to $12.53 in midday trading as investors continued to reward the clinical-stage oncology company for progress with its experimental pan-RAS inhibitor and broader pipeline advancements in targeted cancer therapies.

The precision oncology developer, focused on RAS/MAPK pathway-driven cancers, has seen extraordinary gains in 2026, with the stock up more than 700 percent year-to-date in some tracking periods. Wednesday’s move reflects sustained enthusiasm following positive early clinical data for its lead candidate ERAS-0015 and strategic collaborations aimed at accelerating development.

Erasca reported encouraging preliminary Phase 1 dose escalation results for ERAS-0015 in April, showing robust monotherapy responses in patients with KRAS-mutant solid tumors, particularly non-small cell lung cancer. The data demonstrated objective response rates reaching 62-75 percent in certain heavily pretreated patient groups, positioning the molecular glue as a potential best-in-class therapy in the competitive RAS-targeting space.

Positive Clinical Momentum Drives Interest

The company’s ERAS-0015 program has generated significant attention for its “home run profile” in early testing, according to analysts. The drug’s ability to inhibit multiple RAS mutations while maintaining a manageable safety profile has fueled optimism about its potential across various tumor types.

In May, Erasca announced a clinical trial collaboration and supply agreement with Merck to evaluate ERAS-0015 in combination with KEYTRUDA (pembrolizumab). This partnership is expected to provide valuable insights into combination strategies, potentially expanding the drug’s utility in immunotherapy settings.

The company is scheduled to present at the Jefferies Global Healthcare Conference on June 3, where management is likely to provide further updates on its RAS franchise and upcoming milestones. Such appearances often serve as catalysts for biotech stocks with active clinical programs.

Strong Analyst Support

Wall Street has responded favorably to Erasca’s progress. Multiple firms maintain Buy ratings, with price targets ranging from $18 to $26. Analysts highlight the company’s focused approach to RAS pathway inhibition and its potential to address significant unmet needs in oncology.

The stock’s dramatic rise this year has attracted both momentum investors and longer-term biotechnology specialists. While some funds have trimmed positions after the massive run-up, others have added to holdings, citing confidence in the pipeline’s future value.

Pipeline and Strategic Focus

Erasca is advancing a portfolio of programs targeting oncogenic drivers in the RAS/MAPK pathway. Beyond ERAS-0015, the company is developing additional candidates aimed at specific mutations and resistance mechanisms that limit current treatment options.

The company’s strategy centers on precision medicine approaches that match therapies to patients with specific genetic alterations. This focus aligns with broader industry trends toward personalized cancer treatments and could support premium pricing and faster regulatory pathways if clinical data continue to impress.

Financially, Erasca maintains a solid cash position following earlier financing activities, providing runway to advance its clinical programs through key data readouts. The company reported its first-quarter 2026 results in May, detailing progress across its pipeline while managing operating expenses typical for a development-stage biotech.

Competitive Landscape in Oncology

The RAS space has become increasingly competitive, with several companies pursuing inhibitors of KRAS and related mutations. Erasca’s pan-RAS approach aims to offer broader activity than mutation-specific drugs, potentially addressing a larger patient population.

While patent disputes and safety considerations have created occasional volatility, the company has maintained that its programs are on track. Management has emphasized rigorous safety monitoring and data-driven development as it advances toward later-stage trials.

Market Reaction and Outlook

Wednesday’s trading volume was elevated as investors reacted to ongoing positive sentiment in the biotechnology sector. Small- and mid-cap oncology stocks with promising clinical assets have attracted renewed interest amid a favorable environment for innovation-driven healthcare investments.

Looking ahead, key catalysts for Erasca include additional data readouts from ERAS-0015, progress in combination cohorts, and potential regulatory interactions. Successful execution on these milestones could further validate the company’s platform and support additional upside.

Risks remain typical for clinical-stage biopharmaceutical companies, including trial delays, regulatory hurdles, and competition. However, Erasca’s singular focus on RAS-driven cancers and strong early signals have helped differentiate it within the crowded oncology field.

As the company continues to mature its pipeline, it represents a high-risk, high-reward opportunity in the precision oncology space. Investors will closely monitor upcoming presentations and data updates for further evidence of ERAS-0015’s potential and the broader platform’s viability.

The surge on Wednesday underscores the market’s appetite for companies demonstrating tangible progress toward addressing difficult-to-treat cancers. With several meaningful milestones on the horizon, Erasca is well-positioned to remain in focus as it works to translate scientific innovation into potential new treatment options for patients with RAS/MAPK pathway alterations.

Everybody is talking about $4.50 gasoline at the pump. And all the usual suspects from the lefty press, and of course the Democratic party, and even the business press that ought to know better, anyway, they’re all talking about recession.

Of course they’re against President Trump. They’re against the Iran war. And they love to crow about high energy prices destroying the Trumpian economy.

Only trouble is, not only are we not going into a recession — the economy is booming. It is picking up steam. Profits are the mothers’ milk of stocks and the lifeblood of the economy. And right now profits are soaring by 15 percent.

Here’s Mr. Trump earlier today on the subject: “So the Americans are benefiting. Working today we have the most working and we have 401k’s that their all time high, highest they’ve ever been.” 

Mr. Trump added: “And that goes along with the stock market, which is the highest it’s ever been under my most favored nation agreements. This is something that I wish the media would talk about, because to me, it’s one of the biggest things ever to happen in our country.”

Now I do feel everyone’s pain regarding gas and diesel prices, and fertilizer prices on the farm. Yet it is a small price to pay to get ride of the Gestapo in Iran. Actually, less than 5 percent of consumer spending is affected by gas prices.

Meanwhile, the Atlanta Fed is looking at a huge 4.3 percent increase in second-quarter real GDP. That is a big number.

Under the hood, consumer spending, despite gas prices, is estimated to rise by 2.9 percent annually, and business capital investment by 9.4 percent annually. Wages, which mean more to working folks’ kitchen tables than GDP, are rising above 4 percent when you include hours worked.

Output per person or productivity is up a whopping 2.9 percent over the past year. Almost 3 percent.

And unit labor costs, which is the most basic price indicator in the whole economy, wages less productivity, is up only 1.2 percent over the past year.

The AI footprint is now bigger than the dotcom boom, according to John Carney.

And yes, topline prices are up by around 4 percent, but actually core goods prices, excluding food and energy, only 1.1 percent. So the tariff-flation craze never panned out.

Actually, if it weren’t for a one off bad import number last quarter, GDP would’ve been up 3.2 percent. That’s going to reverse this quarter and will drive the economy even faster. Here’s Treasury Man Scott Bessent earlier today:

“Sir, on the economy, two words: resilience and prosperity. The continued resilience of the economy speaks for itself even during the Iran conflict.”

Meanwhile, the stock market is just booming across the board. The Dow is holding above 50,000. And all the other stock indexes are making record highs, which is a sign of confidence in the future economy.

Did you know, by the way, that in America, total household wealth, which includes mainly stocks, bonds, real estate, and cash, is about $180 trillion. Which is about six times larger than our gross domestic product, or our federal debt in public hands. $180 trillion folks. It’s remarkable.

No country is even remotely close to that number. And on a per person basis, our GDP is more than $90,000. In Communist China, it’s less than $14,000.

The Chinese stock market hasn’t moved in years. And the United States is producing more oil and gas than anyone could ever imagine. We are the biggest supplier in the world today. This is the Trumpian economy. If only somebody would write about it.  

Just think of it.

Bob Brackett
Bernstein Institutional Services LLC, Research Division

Good afternoon. We’ll be kicking off our session. Welcome again to the 42nd Annual Strategic Decisions Conference. I am Bob Brackett, Co-Head of Energy and Transition here at Bernstein. We are not expecting a fire alarm or a fire drill. And so if the alarm rings, please take it seriously.

The first path of exit is out the back door to the right, all the way to the escalators that you came up down to the street and wait for further instructions. If for whatever reason that path is blocked, you go straight back. There’s a series of internal stairwells that are well marked, take one of those down and follow the lighted path there.

Ultimately, this is your conversation. This is a fireside chat. There’s [ floor ] up on stage, but there’s more in the audience. And so ultimately, you should drive the conversation to do that, you will use either the website you’ve already pulled up, this pigeonhole.

If you need the QR code, there’s a number of blue sheets of paper around the room that you can get that from. And what we’ll do is I’ll adjourn in one second. And we’re going to follow a pyramid principle, which is we’re going to start high. We’re going to talk about the macro environment in which ONEOK operates, and then we’re going to talk strategy, and then we’re going to move down into assets and operations.