Do you prefer Trump or Harris on Social Security? Here’s what a survey shows

VaselineAugust 27, 2024

0 4 minutes read

Do you prefer Trump or Harris on Social Security? Here’s what a survey shows

With the presidential election just weeks away, many people are wondering who will do a better job of protecting Social Security benefits, Donald Trump or Kamala Harris.

GOBankingRates recently surveyed more than 1,000 Americans age 18 and older to find out who they think would do a better job protecting Social Security. It’s just one indicator of how the 2024 election could affect retirement now and in the future.

It should be noted that these are people’s beliefs about who they prefer, not an exact science of who has the better plan.

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Although the election is just months away, it’s hard to say for sure whether Harris or Trump would do a better job of protecting Social Security. Both candidates have addressed the issue in speeches and at rallies, but neither candidate has been entirely clear about their plans.

The Harris for President website (as of Aug. 26) does not list her Social Security platform. She has previously supported the Biden Administration’s Social Security policies, which do not include benefit cuts. The Biden/Harris team also proposed raising taxes on Americans making more than $400,000 a year to help address the program’s underfunding. Several analysts criticized the proposal, saying it would not bring in enough tax revenue to protect Social Security.

Donald Trump’s platform, as found on his website, states that he will “fight and protect Social Security and Medicare without cuts, including without changes to the retirement age.” Trump has called for no taxes on Social Security, which some critics say won’t help recipients because it would worsen the program’s funding shortfall.

Despite the lack of a clear plan from either candidate, respondents to the GoBankingRates poll favored Harris overall as the best candidate to protect Social Security.

35.06% think Donald Trump’s policies would be better for the program.
46.81% of respondents believe Kamala Harris’ policies would better protect the program.
3.09% said either candidate could protect Social Security.
7.87% think neither presidential candidate would necessarily be good for the program.
7.17% indicated that they do not know.

Results by sex

When the poll results were broken down by gender, responses showed almost equal support for Harris, but more support for Trump among men.

38.03% of men think Trump’s policies would best protect Social Security, while only 32.15% of women said the same.
47.28% of men think Harris’ policies would be better for Social Security, and 46.35% of women agreed.
Nearly 7 percent of men said they didn’t think either presidential candidate would protect Social Security, while 9 percent of women said the same.
About 3% of men and women think either candidate could be equally good for the program.

Results by age group

Responses were also broken down by age group. What’s interesting here is that the youngest respondents favor Trump on Social Security, while all other age groups favor Harris.

Ages 18-24: 43.37% of respondents think Trump’s policies would be better than Harris’s at 33.73%.
Ages 25 to 34: Nearly 46 percent of respondents think Harris’ policies would be better, while 35.92 percent think Trump’s would be better.
Ages 35 to 44: More Americans think Harris would be better than Trump on Social Security (44.60% vs. 35.21%).
Ages 55 to 64: Nearly 51 percent of respondents think Harris’ policies would protect the program, while 31 percent think Trump would better protect the program.
Over 65: Just over 52 percent of respondents think Harris’ policies would be better for Social Security than Trump’s, at 33.15 percent.

Since it was enacted in the mid-1930s, Social Security has been a reliable source of income for many Americans over age 62. It is the government’s largest budget item and largest program, accounting for $1.4 trillion, or 21 percent of the budget. budget in 2023 and covering around 182 million workers.

However, Social Security is in danger of running out of money in the long run. According to the Social Security Administration’s 2024 report, the Social Security trust fund will be depleted in November 2035, a year later than previously projected. Although Social Security would still exist after that point, retirees can only receive 83 percent of their full benefits. For this to change, the next US president would likely have to make some serious changes.

According to a July 2024 Motley Fool Ascent poll of 2,000 Americans, older Americans ranked Social Security a higher priority in the upcoming election than younger respondents, with 70 percent of baby boomers (those born between 1946 and 1964) choosing Social Security as a financial principal. priority.

Forty-seven percent of Gen X respondents (born between 1965 and 1980) chose Social Security as their top issue in the election. However, only 16 percent of Gen Z (those born between 1997 and 2012) and 29 percent of millennials (those born between 1981 and 1996) chose Social Security as a key financial priority.

Conclusion

Of the nearly 63 million people who currently receive a Social Security check, more than a third are kept out of poverty as a result of this extra income from the program, according to Nasdaq.

However, as important as Social Security is, it’s also about to experience its most significant slowdown. With about 10,000 people entering the Social Security program each day due to the retirement of baby boomers, it’s no wonder the system is overstretched.

So no matter who becomes the next president, it’s safe to say that they’ll face some serious challenges when it comes to securing or reforming Social Security in the future.

“Americans from all walks of life love and support Social Security” and are willing to pay more to make it work, says Rebecca Vallas, executive director of the National Social Security Academy. “Poll after poll shows this.”

VaselineAugust 27, 2024

0 4 minutes read

Vaseline

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