The Social Security Administration has more than 75 million beneficiaries, of which 68 million are retirees and survivors, so it is important to know what the proposals of the United States presidential candidates are: the Democrat and current vice president of the country, Kamala Harris; and former president and Republican standard-bearer Donald Trump.
One of the main concerns of beneficiaries is the solvency of the program. A recent survey of the Peterson Foundation shows that 96% consider that it is important that “candidates have a plan to avoid automatic cuts to Social Security.”
“An overwhelming majority of voters want candidates to prioritize solutions to strengthen Social Security“mentions Michael Peterson, executive director of the Peter G. Peterson Foundation, while noting that the program is “less than a decade away from automatic, widespread cuts, putting many millions of current retirees at financial risk”.
Below, find out what the presidential candidates say ahead of the November 5, 2024 elections, regarding the Social Security Administration (SSA).
Donald Trump proposes eliminating taxes on Social Security benefitswith the goal of providing tax relief to some Americans. However, experts have expressed concern about the financial impact of this measure on the Social Security program, since income taxes represent approximately 4% of the program’s income. Program administrators estimate that Social Security trust funds will be depleted in 2035, but the Committee for a Responsible Federal Budget (CRFB) projects that, under Trump’s proposal, the funds could be depleted in 2031, in addition to increasing the deficit in 2.3 trillion dollars between 2026 and 2035.
Trump’s campaign has criticized these analyses, asserting that the former president will protect Social Security and Medicare as he did in his first term, and that a new economic boom will bolster funding for the program. Despite these statements, experts remain unclear about the specific measures that Trump would implement to guarantee the solvency of Social Security, since his political platform for 2024 rejects cuts or changes in the retirement age.
The Republican’s national press secretary, Karoline Leavitt, assured that a second Trump administration would reinforce the financing of Social Security and firmly protect Social Security and Medicare in his second term, as – he assures – he did in his first administration.
Donald Trump proposes eliminating taxes on Social Security benefits (Photo: AFP)
Kamala Harris’ campaign has promised to protect and “strengthensr” Social Security by making millionaires and billionaires pay more taxes. The Biden-Harris administration proposed extending the program’s solvency by focusing on those with higher incomes, noting that middle-class, low-tax Americans pay on all of their income, while those with higher incomes do not. The White House has also expressed its rejection of benefit cuts and privatization of the program.
Despite this, experts indicate that concrete details are missing from Harris’ plan to secure Social Security finances. According to the Committee for a Responsible Federal Budget (CRFB), Harris’ current proposals “would not have major effects on the solvency of the Social Security trust fund”.
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