What the Candidates Say About Fixing Social Security
Category: Social Security
October 8, 2024 — With the election coming soon, the issue that most directly affects retired people is the impending Social Security and Medicare funding crisis. If nothing is done, Social Security recipients will face a 20% cut in benefits in 2035, just over 10 years from now. Medicare will run short a few years later. Therefore it is critical to know how each of our presidential candidates would address this urgent crisis.
Both Harris and Trump say they would not cut Social Security or Medicare. (Editor’s note: Politically wise, easy and expedient to say, but how are they going to do it?) Here is how the New York Times summarizes the 2 candidates’ positions on Medicare and Social Security. After that we have Topretirements poll results and commentary from your editor.
The Candidates’ Solutions
Trump’s solutions: At one point he said he would be open to cutting entitlements (including SS and Medicare), but he seems to have backed off of that statement. He has proposed ending taxation of Social Security benefits. He also would like to cut waste and aggressively combat fraud. His party opposes Medicare’s ability to negotiate drug prices.
Harris’s solutions: Raise taxes on people making more than $400,000 a year. Also, increase Medicare surtax to 5% from 3.8% for folks earning more than $400,000 yr. She supports the Inflation Reduction Act, which allows negotiation of drug prices between Medicare and pharmaceutical companies, and she would support increasing the speed of those negotiations. At one time she supported increased benefits, but it is unclear if she still does.
Topretirements Poll Results
In our August poll of our Members, the #1 proposed solution was to tax all earnings over $400,000 for Social Security. There was not much enthusiasm for other solutions like raising the benefit age or increasing FICA taxes. So it seems like most of our Members agree more with at least some of the Harris position.
Experts Opinions About Their Plans
Trump: Many experts are sceptical about this approach. Like with any government program there is undoubtedly some waste and fraud. But the potential amounts to be saved would not come close to closing the funding gap. Eliminating price negotiations on Medicare drugs would cost beneficiaries and benefit the drug companies. Cutting taxes on benefits would make SS run out of money earlier, while benefiting higher earners more than those with lower incomes (since lower earners pay very few taxes anyway).
Harris: Many experts believe that Harris’s plans make more economic sense. But the jury is out if her plans go far enough to solve the whole problem.
Our analysis
The Topretirements opinion is that neither candidate has a comprehensive plan to save Social Security from its looming shortfall. Trump’s plans are so non-specific and possibly financially unsound they will only make the SS and Medicare worse, instead of fixing the problem. Harris’s plans are better, but do not go far enough. Please use the Comments section below to register your opinion. If actions are taken to fixing the problem soon, you could face a big cut in your promised benefits.
If you have a different take on how the candidates’ plans would work out, or better ideas, let us know in the Comments section. Let’s work together on a solution!
Fixing Social Security Means Tough Choices
Comments on "What the Candidates Say About Fixing Social Security"
Mike says:
For a list of positions affecting seniors search for "retired americans harris trump side by side"
I'd put in a link but that always puts me in timeout. The list is compiled by the Alliance for Retired Americans, they also put out a voting record for Congress if interested in how you representatives are voting on issues.
Editor's comment: Thanks Mike, here is the link.
Patrick says:
Could you guys show your political bias more than this blog post? Not a fan of either candidate but this blog post reeks of bias. I haven't seen a decent plan from either and neither have you.
Editor's comment. Sorry you feel that way Patrick. We have done our best to report the candidate's positions accurately, based on the facts available. We did make a few small revisions to the article to make it clear we were offering our analysis and opinions in the second part of the article. If you or others have a different view on either the facts of the matter, or on the relative value of their programs, please let us know.
Hugh Franklin Canterbury says:
Thank you Patrick, well said.
Rufus says:
The bias is obvious. I've had very good suggestions removed by admin because they went against their bias.
Patricia Reynolds says:
Don't see any bias. It is exactly what each candidate has done and said. Pretty obvious which one cares about seniors. I would like to see a concrete plan as to how to keep social security viable with full benefits in the future.
Mike says:
To set the record straight I have not voted for a Democrat or Republican candidate in decades, I won’t in the current election and I don’t see that ever changing! I added the comment because it is the first comparison I have seen covering so many issues that I thought readers of this blog were interested in and it was documented with how the list was compiled. I clearly stated the name of the organization that created the list, did anyone claiming bias access the website and see what issues they are involved with? Did anyone look at the Congressional voting record I noted or are you blindly willing to take your representatives word for what they do(my rep in the House talks about historic investments in infrastructure yet he voted against the infrastructure act)? The list of the Presidential candidates positions has 12 notes backing up their positions, how many claiming bias have gone through that list and read the articles cited? I have had comments edited or removed from this site in the past, I discussed that with the people running this site, explained why I said what I said. It was cordial, I wasn't offended and in the end this is their operation and they can run it as they see fit and I don’t want it to devolve into the Jerry Springer Show.
Here are the notes used to compile the list, please refute them one by one I would be interested in your take:
1. ("What Kamala Harris Has Said About Medicare, Social Security," Newsweek, July 22, 2024.), ("CNBC Transcript: Former President of the United States Donald Trump Speaks with CNBC's Squawk Box Today," CNBC, March 11, 2024.)
2. ("Trump Budget Gets Two-Thirds of Its Cuts From Programs for Low- and Moderate-Income People," Center on Budget and Policy Priorities, Sep. 29, 2017.), ("Trump Budget Deeply Cuts Health, Housing, Other Assistance for Low and Moderate Income," Center on Budget and Policy Priorities, Feb. 14, 2018.), ("Trump said he wouldn’t cut Medicaid, Social Security, and Medicare. His 2020 budget cuts all 3.," Vox, March 12, 2019.), ("Trump’s 2021 Budget Would Cut $1.6 Trillion From
Low-Income Programs," Center on Budget and Policy Priorities, March 9, 2020.)
3. ("Former President Donald Trump on Entitlements: 'There's Tremendous Numbers of Things You Can Do,'" CNBC, March 11, 2024.), ("Trump Mentions Cutting Entitlements and Biden Pounces," New York Times, March 11, 2024.)
4. ("Trump Eyes Social Security Cuts By Slashing
Payroll Tax," Common Dreams, April 18, 2024.)
5. (H.R. 5376, Roll Call No. 325, August 7, 2022), ("Vice President Kamala Harris breaks deadlock in Inflation Reduction Act 'vote-a-
rama'," Salon, August 7, 2022.)
6. ("Trump Backs Off Medicare Drug Price Negotiations," ASH Clinical News, Nov. 24, 2019.), ("Trump Draws Ire After Retreat on Drug Prices Pledge,” The Hill, Nov. 24, 2019.), ("Trump on Medicare Price Negotiations and Executive Power," Axios, February 7, 2024.)
7. ("Medicare in the 2021 Trump Budget," Center on Budget and
Policy Priorities, Feb. 13, 2020.)
8. ("What a Kamala Harris presidency would mean for health care in America," NBC News, July 22, 2024.)
9. ("4 Ways a Kamala Harris Presidency Could Affect Retirees’ Finances," GoBankingRates, July 22, 2024.), ("FACT SHEET: Biden-Harris Administration Takes Steps to Crack Down on Nursing Homes That Endanger Resident Safety," White House, September 1, 2023.), ("Long-Term Care Policy: Trump vs. Biden," Center for Medicare Advocacy, Oct 22, 2020.)
10. ("The Trump Medicaid Record: Big Goals, Yet
Few Successes," KFF Health News, Oct. 29, 2020.)
11. ("Trump doubles down, saying ‘Obamacare Sucks’ and must be replaced," NBC News, November 29, 2023.), ("Obamacare Trump Administration," CNN, April 12, 2024.), ("Trump's Claim That He Will Always Protect Those with Pre-existing Conditions," Washington Post, June 29, 2020.), ("Trump ‘Affirms' Preexisting Condition Protections Enacted by Obamacare," Kaiser Family Foundation, Sept. 25, 2020.)
12. (H.R. 1319, Roll Call No. 73, March 4, 2021), ("American Rescue Plan," White House Fact Sheet.), ("Marci Kaptur Slams Trump Administration Budget Chief Calling Much-Needed Pension Protections 'Horrible' for America," Representative Marcy Kaptur's Official Website, Jan. 20, 2018.), ("Trump Administration on Pensions," YouTube. Jan. 20, 2018.)
Rufus says:
Mike I'd love to respond to your latest post but I guarantee from past experience Admin will delete it even though my point was and would be very valid. They just don't want it to be seen I guess.
Admin says:
Hi Rufus. We would love to see your replay. As long as you keep to the topic (Social Security), don't bash anyone, and stick to the facts unless it is clear you are giving your opinion, please reply.
Rufus says:
Happy to reply. On an earlier thread from August 14th I believe, titled "How To Fix Social Security" my comment was very logical, very to the point and one most readers would love to have addressed. It went like this; "Why don't they put the same individuals in charge of the social security monies that are in charge of the "Welfare" monies since we never hear about the welfare program running low on funds? Whether you like it or not this is a legitimate question. Now, are you going to delete me again?
Editor Comment: Ok Rufus: Message posted.
Larry says:
Rufus, social security IS “welfare” in all senses of the word. We contribute during our careers so that we can get back something during retirement. We also pay taxes to the government so that they can protect the unprotected and ensure the overall social order; they do not always do it wisely or efficiently, but it is our responsibility to make sure they do. (E.g. voting). Congress authorizes funds for all social welfare programs. If you have a problem with that, “Don’t boo. Vote!”