Harris vs Trump: Where They Stand – Daily Montanan
TL/DR –
The 2024 presidential campaign featuring Kamala Harris and Donald Trump has given little focus to the financial stability of Social Security and Medicare. The Social Security trust fund will be able to pay full benefits until 2035, while the Medicare fund can cover all of its bills through 2036, after which benefits would drop to around 83% and 89% respectively if no action is taken by lawmakers. As of now, approximately 67.5 million people are enrolled in Medicare and nearly 68 million people receive some level of benefit from Social Security each month.
The Social Safety Net in Presidential Policy
The early September presidential debate only mentioned Social Security once and Medicare three times, despite these essential safety net programs impacting millions of Americans. Candidates Kamala Harris and Donald Trump have frequently discussed these programs but have not prioritized their financial stability as a top issue.
They commonly promise to “save” Social Security and Medicare while criticizing their opponent and overlooking the crucial role Congress plays. Addressing the predicted shortfalls of the Social Security and Medicare trust funds will become increasingly important for the president and Congress in the next decade.
The recent Social Security trustees report predicts the Old-Age and Survivors Insurance and Disability Insurance trust funds will pay full benefits until 2035. The Medicare trustees report indicates full coverage of bills till 2036, after which the funds can only cover 89% of costs.
Currently, 67.5 million people are enrolled in Medicare, providing health insurance and prescription drug coverage for those over 65 and people with specific severe illnesses or disabilities. Nearly 68 million people receive some benefit from Social Security each month, leading to about $1.5 trillion in annual federal spending.
Protecting Seniors
During the debate, Harris discussed her commitment to Social Security and Medicare. She highlighted her ongoing work in protecting seniors from scams and the importance of a president whose values uplift people. Harris was also successful in allowing program administrators to negotiate certain prescription drug prices for the first time and capped the cost of insulin for Medicare enrollees at $35 per month.
Trump countered this by claiming the Biden administration would “destroy” the programs by allowing noncitizens to draw down benefits. Yet, FactCheck notes that such statements often misrepresent reality.
Trump on Entitlement Programs
Trump’s comments on entitlement programs have been somewhat unclear, but he has pledged to “save” the program. During an interview, he stated that various measures could be taken to address solvency. Trump also opposes taxing Social Security benefits, writing in July that “SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!”
Harris Policies
Harris’ campaign website states that she aims to protect Social Security and Medicare from attacks and strengthen them by making the rich pay their fair share in taxes. She also announced her intention to include long-term home care for Medicare-enrolled seniors. The proposed benefits would be funded through expanded Medicare drug price negotiations, increased manufacturer discounts for certain brand-name drugs in Medicare, and addressing Medicare fraud.
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