How Kamala Harris’ Plan for Social Security Compares to Donald Trump’s

The Social Security Administration faces a looming funding crisis over the next decade, and the major 2024 presidential candidates have different plans for the ailing retirement safety net program.

Vice President Kamala Harris and former President Donald Trump—respectively, the Democratic and Republican presidential nominees—have both made promises about Social Security benefits for the American people.

Almost 70 million Americans receive Social Security payments every month. The benefits support seniors in their retirement, disabled Americans and survivors of beneficiaries, but the future of the Social Security Administration has been in jeopardy for years.

As more baby boomers retire into the system, a recent board of trustees report found that Social Security is scheduled to run out of money for full payments by the mid-2030s.

Once the funding shortfall hits, Americans on Social Security would receive 83 percent of their earned benefits, which would equate to about $324 less on average each month and an annual reduction of $3,900.

Speaking to Newsweek, Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, said whichever candidate becomes president could mean very little difference for the Social Security program.

“The odds of there being stark differences between either administration are likely small,” Beene said. “At the end of the day, despite a number of reports that tell us changes are going to need to be made in order for Social Security to be stable in the long term, politicians know it’s electoral poison to suggest any changes to Social Security.”

Benefits will likely remain the same, even if the government has to go further into the red to provide them, he added. However, that doesn’t mean all aspects of the Social Security Administration would be the same under either presidency.

“Where a difference could emerge is in the administration itself,” Beene said. “Republicans have led a number of cuts to the administration in recent years, which have produced longer wait times for cases. It’s possible Harris will make a push for additional staffing to meet these needs, but whether she can find the votes in Congress to support a push would depend on the number of Democrats that are elected in November.”

Many seniors and Americans living with disabilities rely on Social Security to avoid poverty. According to the Center on Budget and Policy Priorities, a nonpartisan think tank, about 22.7 million people, including 16.5 million seniors, depended on their Social Security benefits to get them out of poverty in 2022.

Harris has routinely said that protecting and even expanding Social Security benefits is a top priority. Previously, the vice president co-sponsored legislation that would bring more revenue for Social Security by extending the payroll tax to incomes over $250,000.

“Harris is under pressure from the progressive wing of the party—see Bernie Sanders’ proposals to increase SS benefits—to improve SS benefits,” Robert Shapiro, a political science professor at Columbia University, told Newsweek. “She will at least try to protect current benefits and cost-of-living increases.”

Harris also expressed support for changing the cost-of-living adjustment formula to better reflect the higher expenses retirees face.

“The current COLA just doesn’t keep up with the real-world costs that seniors are dealing with,” Michael Ryan, a finance expert and the founder of michaelryanmoney.com, told Newsweek. “While Harris hasn’t provided an exhaustive plan yet. Her approach seems focused on shoring up Social Security’s finances through increased revenue rather than benefit cuts.”

Trump, on the other hand, has taken a more “hands-off approach,” Ryan said.

“I will never do anything that will jeopardize or hurt Social Security or Medicare,” Trump said in an interview with Breitbart News earlier this year.

Still, Ryan said, Trump’s proposed tax cut could indirectly affect Social Security’s revenue.

“His plan to eliminate taxes on Social Security benefits might sound appealing,” Ryan said. “But let’s be real. It will likely just worsen the system’s long-term funding challenges.”

Trump has not outlined how he plans to address the Social Security shortfall projected to occur in about 10 years.

“Harris seems willing to pursue new revenue streams to shore up Social Security, even if it means asking the wealthiest Americans to contribute more,” Ryan said. “Trump, on the other hand, is laser-focused on avoiding any changes that could be perceived as ‘cuts’ even if his proposals inadvertently undermine the program’s long-term stability.”

No matter who becomes president, Social Security reform will likely not come unilaterally from one presidential administration.

“Significant changes would require buy-in from Congress, which has been notoriously gridlocked on this issue for years,” Ryan said. “So regardless of who wins in November, Social Security’s future is likely to remain a topic of heated debate.”

Shapiro also believed neither candidate would likely take on the funding crisis, as it remains far enough down the road.

“What will happen when the crisis is imminent, when SS could only pay out about 70 percent of existing benefits, either those cuts will occur or there will be fixes made as the president and Congress act in crisis mode,” he said.

This could include some combination of increasing Social Security taxes on the rich, lowering benefits for the rich or raising the amount of income subjected to Social Security taxes. Shapiro added, “There are good fixes available.”