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Massive Social Security data breach
Every American's Social Security number, address may have been stolen in hack.
WASHINGTON - Social Security is a top concern for American voters heading into the November presidential election, according to Google search data, and the vast majority of them don’t want to see Social Security benefits cut in any way.
Vice President Kamala Harris and former President Donald Trump both say they want to protect Social Security, but neither have been very specific on how they plan to fix a looming budget shortfall.
Although it falls to Congress to reform Social Security, the president and his or her administration will still play a big role. Here’s what we know about where Harris and Trump stand on Social Security and how to fund its future.
Where Harris stands on Social Security
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Kamala Harris outlines economic policies in campaign speech
Harris’ policy includes a federal ban on price gouging on groceries, a lower cost of living for Americans, new tax breaks, and an expansion of the child tax credit. Eric Sterner from Apollon Wealth Management joined LiveNOW to discuss Harris' economic proposals.
If lawmakers don’t want millions of Americans to see their benefits automatically cut by 17% in 11 years, there are essentially two options: pay more or get less.
Harris hasn’t laid out a plan to address Social Security since becoming the nominee, but Democrats have proposed raising Social Security taxes on the wealthiest Americans to cover the gap.
Americans pay Social Security taxes on up to $168,000 a year; anything earned above that amount is not subject to Social Security taxes.
A House proposal – the one Harris said she supported in March 2023 – would only raise Social Security taxes for those making above $400,000 a year.
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As a senator, she supported a similar measure under the Social Security Expansion Act, but that act calls for raising Social Security taxes on people making more than $250,000 a year.
(Photo illustration by Kevin Dietsch/Getty Images)
The Social Security Expansion Act that Harris backed would also change the way Social Security benefits are calculated. Currently, cost-of-living adjustments (COLA) are based on the CPI-W, which tracks monthly price changes in goods and services for urban wage earners and clerical workers.
Lawmakers have proposed using the CPI-E, which measures price changes based on the spending patterns of Americans who are 62 years and older. Democrats say it would increase benefits for millions of older Americans and give a more accurate picture of how seniors spend their money, weighing more on things like prescription drug costs.
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The National Committee to Preserve Social Security & Medicare endorsed Harris for president in a July 24 blog post.
"As Vice President, she has championed the administration’s policies on behalf of older Americans — including strengthening Social Security and Medicare and lowering prescription drug prices for seniors," the committee said on its website.
Where Trump stands on Social Security
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Trump talks economy at rally in Asheville, NC
Former President Donald Trump delivered remarks on economic policy at his campaign rally in Asheville, NC.
Trump has vowed to protect Social Security benefits and opposes raising the retirement age, according to the platform on his campaign website. He hasn’t laid out a plan to fix the funding gap.
Trump has pointed to increased oil and gas drilling as a means to pay for Social Security, but according to the nonpartisan Committee for a Responsible Federal Budget, "it would be impossible to fix Social Security even if all federal land were opened to drilling operations."
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He has also proposed eliminating taxes on Social Security benefits, but he hasn’t said how to make up the major loss in revenue. Trump’s proposal would add $1.6 trillion to the deficit and increase Social Security’s 75-year shortfall by 25%, according to the Committee for a Responsible Federal Budget. The think tank said it would also move the insolvency date of the Social Security trust fund – the fund that will trigger an automatic 17% cuts to benefits in 2035 – up by more than a year.
Republicans have generally been opposed to raising taxes to fund Social Security. The official GOP platform approved at the Republican National Convention in July was adamant that Trump will not cut "one penny" from Social Security or Medicare.
"American Citizens work hard their whole lives … These programs are promises to our seniors, ensuring they can live their golden years with dignity," the Republican platform states.