Social Security is in trouble. The program's trust funds will run out of money by 2033 unless changes are made, according to the nonpartisan Congressional Budget Office. That means steep benefit cuts could be coming just 10 years from now.
President Joe Biden and presumptive GOP presidential nominee Donald Trump know that something needs to be done to prevent those benefit cuts. Whom do Americans trust more to protect Social Security: Biden or Trump?
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Survey says
Newsweek commissioned Redfield and Wilton Strategies to determine which major presidential candidate voters trust more with Social Security. They surveyed 4,000 Americans of voting age earlier this month.
Forty-one percent of respondents stated they trust President Biden with protecting Social Security compared to 36% preferring former President Trump. Another 12% were unsure which candidate would be preferable with 5% indicating they trusted both men equally.
There wasn't a gender gap in the polling. Forty-two percent of men chose Biden as the better candidate for protecting Social Security versus 38% selecting Trump. Forty percent of women preferred Biden, while 35% opted for Trump.
Biden also enjoyed cross-generational support. All generations except Gen-Z (individuals born between 1997 and 2006) picked the current president as the better candidate to address Social Security's challenges. Biden received especially strong support from older Americans, with 48% of voters born before 1965 preferring him compared to 35% for Trump.
Different approaches to Social Security
These survey results likely reflect voters' perceptions of the two candidates' approaches to Social Security. What are the differences between Biden's and Trump's views about the program?
Biden has steadfastly opposed any benefit cuts to Social Security. He proclaimed in his State of the Union message earlier this year that he would stop anyone who tries to reduce Social Security benefits.
Trump seemed to be open to Social Security and Medicare cuts in a call with CNBC in March. The former president stated, "[T]here is a lot you can do in terms of entitlements, in terms of cutting." However, he later clarified his comments, saying, "I will never do anything that will jeopardize or hurt Social Security or Medicare."
Biden wants to address Social Security's fiscal challenges primarily by making more of wealthier Americans' income subject to the FICA payroll tax. The Social Security Administration (SSA) estimates that Biden's proposal (assuming earnings above $400,00 are subject to the payroll tax) would reduce Social Security's projected shortfall by 60%.
Trump has hinted he would fix Social Security by using oil and gas leasing revenue. He hasn't provided any details on this idea. However, the nonpartisan Committee for a Responsible Federal Budget (CRFB) calculated that allocating all current oil and gas leasing revenue to Social Security would address less than 4% of its projected shortfall. CRFB stated, "[I]t would be impossible to fix Social Security even if all federal land were opened to drilling operations."
Biden and Trump agree on one thing: Neither wants to raise the full retirement age (FRA) for Social Security. Biden opposed the idea in his State of the Union address. In January, Trump's campaign attacked former U.N. Ambassador Nikki Haley's proposal to raise the FRA.
