President Joe Biden and presumptive GOP presidential nominee Donald Trump disagree on nearly every important topic. It's hard to find anything they're on the same page about.
But there is one area of agreement -- and, surprisingly, it relates to Social Security. Biden and Trump refuse to support a Social Security change that many Americans favor.
A popular Social Security proposal (with an asterisk)
It's no secret that Social Security's two trust funds are running out of money. The combined funds are on track to be depleted by 2033, according to the nonpartisan Congressional Budget Office. Unless something is done to bolster Social Security, benefits will be slashed by 25% in 2034.
Social Security has faced financial challenges before. In 1983, Democrats and Republicans worked together to implement reforms to put the program on a more solid financial footing. One of the key components of the legislation was gradually increasing the full retirement age (FRA) from 65 to 67.
Would Americans support gradually raising the FRA to help address Social Security's current financial issues? It depends.
A 2023 Quinnipiac University national poll found that 78% of respondents opposed raising the FRA from 67 to 70. That number fell to 62% when Americans were told that raising the retirement age would make benefits last longer.
However, the University of Maryland's Program for Public Consultation (PPC) conducted a survey in 2022 that found 75% of Americans favored raising the FRA from 67 to 68. The proposal received broad-based support from 76% of Democrats, 75% of Republicans, and 71% of independents.
Why Biden and Trump oppose raising the retirement age
Biden has expressed an openness to a higher FRA in the past. For example, he voted for the 1983 increase from 65 to 67 when he was a senator. In 2005, Biden included "raising the retirement age for people who are now 30 years old" among several reforms "that have to be discussed." Likewise, Trump floated the idea of raising the FRA to 70 in his 2000 book The America We Deserve.
Why do Biden and Trump now oppose a Social Security reform they were willing to consider before and many Americans support now? The two politicians have different reasons for not wanting to raise the retirement age.
In his State of the Union message earlier this year, Biden said that if anyone tries to raise the FRA he "will stop them." He didn't give details on why he was against the proposal but appeared to lump an increase in the retirement age into the category of benefit cuts.
Social Security Administration Commissioner Martin O'Malley, a Biden appointee, could have also reflected the president's views in his appearance before the House Ways and Means Committee last month. O'Malley said, "For those who would advocate raising the age, I think we have to be mindful of people who do hard work their whole lives, and die sooner."
Trump's opposition to raising the FRA seems to be that it's simply not necessary. In 2016, he stated that he intended to "leave Social Security the way it is" and not increase the retirement age. This is still his view. Trump said at a town hall in late 2023, "You don't have to touch Social Security."
Better ideas?
Perhaps the main reason the two major political parties' presumptive presidential nominees oppose increasing the FRA is they think they have better ideas to address Social Security's issues.
Biden wants to instead make income of $400,000 or more subject to the payroll tax to address Social Security's solvency issue. The 2022 survey by PPC found that 81% of Americans support this idea, making it more popular than raising the retirement age to 68.
Trump hasn't provided a Social Security plan in his 2024 campaign thus far. However, he has made comments in support of using oil revenue to fund Social Security. Although Trump hasn't provided any details on how this would work, he stated, "It will take care of everything."
