Jul 17, 2024, 12:00 AM
Jul 17, 2024, 12:00 AM

2024 Vice Presidential Candidates Address Future of Social Security Funding

Highlights
  • The Vice Presidential candidates for the upcoming 2024 election are discussing the critical issue of Social Security funding as its trust funds approach depletion.
  • The candidates have shared varying perspectives on how to sustain the program for future generations.
  • This discussion highlights the growing concern over the financial stability of Social Security.
Story

As Social Security's trust funds approach depletion, the 2024 vice presidential candidates are weighing in on the program's future. Both President Joe Biden and former President Donald Trump have pledged to maintain current benefits, although Trump has hinted at potential entitlement cuts in past interviews. With Biden, 81, and Trump, 78, being among the oldest leaders globally, their positions on Social Security are under scrutiny, particularly regarding the implications of Trump's potential running mate, J.D. Vance. Experts express concern over Vance's alignment with Trump's fluctuating stance on Social Security. Max Richtman, president of the National Committee to Preserve Social Security and Medicare, noted Trump's inconsistent messaging about cutting programs, suggesting Vance may share a similar approach. The advocacy group has endorsed Biden for the 2024 election, marking only the second time it has done so, highlighting a significant shift in support. Vice President Kamala Harris has also emphasized Biden's commitment to protecting Social Security, contrasting it with Trump's record. She has supported initiatives like the Social Security Expansion Act, which aims to enhance benefits and require wealthier individuals to contribute more. In contrast, Republicans have resisted tax increases, complicating the debate over funding the program. Experts like Andrew Biggs from the American Enterprise Institute suggest that increasing employment could bolster Social Security, but achieving this goal remains challenging. A Biden-Harris spokesperson reiterated that Biden is the only candidate committed to safeguarding the benefits that millions of Americans rely on.

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