Both Vice President Harris and former President Trump have vowed to protect Social Security, but experts say their campaign platforms lack concrete solutions to a program that faces funding threats over the next decade or so. It is said that the measures have not been reached.
Recent estimates suggest that not only will neither candidate's policies be able to avoid the threat of bankruptcy, but that either candidate's proposals could worsen the budget outlook and require a tax policy to extend the life of the program. It shows that there is a lack of ideas for spending reform.
Here are some of the statements made by candidates so far.
President Trump's Social Security Plan
President Trump made headlines over the summer by proposing to eliminate taxes on Social Security benefits, one of a list of proposals aimed at giving tax breaks to some Americans.
But experts have expressed concerns about the cost of eliminating the income tax on Social Security checks and how it would affect the program's finances.
“His proposal would have a significant fiscal impact on Social Security, since income taxes currently paid by some beneficiaries account for about 4 percent of Social Security income,” Urban said. said Richard Johnson, a senior fellow at the Center for Income and Benefits Policy. Institute.
The trust fund that combines Social Security's retirement and disability benefits is now expected to run out in 2035, a year later than previously expected, after last year's stronger-than-expected economic growth, the program's trustees predict. There is.
But under President Trump's previous proposals, a recent analysis by the Responsible Federal Budget Board (CRFB) found that the program's funding would be depleted by 2031, and that Social Security would be depleted between fiscal years 2026 and 2035. It is estimated that the country's cash deficit could increase by $2.3 trillion.
Much of the cost comes from what the group identified as a roughly $950 billion price tag to eliminate income taxes on Social Security benefits.
The Trump campaign strongly disagrees with the analysis, with national spokeswoman Caroline Leavitt slamming the views of “so-called experts” as “consistently wrong for years.”
“President Trump made good on his promise to protect Social Security and Medicare in his first term. President Trump will continue to strongly protect Social Security and Medicare in his second term,” Levitt said.
Levitt said the second Trump administration would boost Social Security funding by “sparking a new economic boom.”
Still, Trump's policies have experts speculating about what changes he might support to strengthen the program's solvency.
In the official 2024 Republican policy platform highlighted on President Trump's campaign website, the plan calls for “no cuts” to Social Security and Medicare and “no changes to the retirement age.”
Mr. Harris talks about social security
On Harris' online campaign page, she vowed to protect Social Security and “strengthen” the program by “making millionaires and billionaires pay their fair share of taxes.”
As part of the rollout of the proposed fiscal year 2025 federal budget earlier this year, the Biden-Harris administration further outlined plans to expand the program's ability to pay by focusing on high-income individuals and and low-income Americans pay Social Security benefits.” All income is subject to a security tax, but high-income Americans are not taxed. ”
The White House announced at the time that the president also opposed proposals to cut benefits and privatize Social Security.
But experts and budget hardliners say the vice president's agenda still lacks key details about plans to shore up the program's finances.
“Neither presidential candidate has addressed this issue, and each time we fail to take action, we are unable to resolve the issue,” Michael Peterson, CEO of the Peter G. Peterson Foundation, said in a statement Tuesday. It's only going to get more difficult.”
“The overwhelming majority of voters want candidates to prioritize solutions that strengthen Social Security, and the good news is there are many options available to do just that,” he said. He also pointed out that the program “will be automated in less than 10 years.” Across-the-board cuts are putting millions of active retirees at financial risk. ”
In CRFB's latest analysis, the group said Harris' proposal would “not materially impact the solvency of the Social Security Trust Fund.”
However, polls show that the program's ability to pay remains an important factor for voters. recent opinion polls According to a survey by the Peterson Foundation, a majority of voters, 96 percent, say it is important that “candidates have a plan to prevent automatic cuts to Social Security.”
In its latest summer report, the Trustees projected that the Old Age and Survivors Insurance (OASI) Trust Fund, which pays Social Security benefits to retirees, and the program's smaller Disability Insurance Trust Fund will run out in 2035. did.
Once the OASI trust fund reserves are depleted, the report predicts that account income will only cover about 80% of beneficiaries' scheduled benefits.
Experts say lawmakers may need to agree to benefit cuts, tax increases, or both to prevent senior benefits from being automatically cut if funding dries up. points out that it is high.
“Social Security dates haven't changed much over the last 10 years, but what we've seen is that with every presidential election, that day of reckoning gets closer and closer. So we're We need to increase the urgency,” Johnson said. “So it's a little surprising that more concrete proposals haven't been presented yet.”
“On the other hand, these proposals involve some degree of pain, whether it's raising taxes or cutting benefits. And pain doesn't always win votes,” he added.
The Hill has reached out to Harris' campaign for further comment.
