GOP Presidential Debate: How Can These 8 Republican Nominees Impact the Future of Social Security?
Written by
Vance Cariaga
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Cory Dudak
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Social Security is expected to be a big issue in the 2024 elections, especially for older voters who worry how lawmakers might reform the program as it heads toward a funding shortfall. Republican presidential frontrunner Donald Trump has said he won’t touch Social Security if he gets re-elected, but some of his GOP opponents have already floated ideas that could lead to cuts.
In a January post on his Truth Social network, Trump wrote, “Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security to help pay for Joe Biden’s reckless spending spree.”
That position was hardly revolutionary — most politicians steer clear of proposing cuts or other radical reforms to Social Security because of the massive backlash they will face from voters. But 2024 marks the first presidential election when the possibility of a major funding shortfall is less than a decade away.
That shortfall is tied to Social Security’s Old-Age and Survivors Insurance (OASI) Trust Fund, which is expected to run out of money by 2033. When the fund is depleted, the program will have to rely solely on payroll taxes — and those only cover about 77% of current benefits.
Because of the looming shortfall, some politicians have proposed raising taxes to bolster Social Security or cutting benefits to save money.
“Donald Trump ruled Social Security and other benefits out of bounds politically,” Bill Galston, senior fellow at the Brookings Institution, told The Washington Post. “But there are still Republicans, including some leading Republicans, who understand we won’t make serious progress on our fiscal problems until everything’s on the table. They’re trying to open that discussion, without it immediately being shut down.”
Trump has decided to sit out this week’s GOP candidate debate in Milwaukee, so voters won’t be able to hear whether his position on Social Security has changed. But eight other candidates will be taking part. Here’s a look at their positions on Social Security.
Ron DeSantis
As recently as March, DeSantis told Fox News that Republicans are “not going to mess with Social Security,” CNBC reported. But the Florida governor might be shifting his position.
As the WaPo reported over the weekend, DeSantis told Fox News that Social Security will need to be revamped by cutting benefits for future generations.
“When people say that we’re going to somehow cut seniors, that is totally not true,” DeSantis said. “Talking about making changes for people in their 30s and their 40s so the program’s viable — that’s a much different thing, and something I think there’s going to need to be discussion on.”
Mike Pence
As previously reported by GOBankingRates, the former vice president has proposed privatizing Social Security by giving younger Americans “the ability to take a portion of their Social Security withholdings and put that into a private savings account.” This is not a new idea, but it remains an unpopular one because it essentially amounts to gutting the current Social Security system in favor of a market-driven program.
Nikki Haley
Haley, the former South Carolina governor and U.N. ambassador, has proposed raising the Social Security retirement age for workers currently in their 20s and limiting Social Security and Medicare benefits for the wealthy, CNN reported. Raising the full retirement age — currently 67 years old for most Americans — also amounts to a cut in benefits because it delays when eligible beneficiaries qualify for the full payments they are owed.
“What you would do is, for those in their 20s coming into the system, we would change the retirement age so that it matches life expectancy,” Haley told Fox News in March.
Chris Christie
The former New Jersey governor made a lot of noise over the weekend when he said Social Security will be “bankrupt” in 11 years and accused some of his fellow candidates of being “liars and cowards” for not tackling Social Security’s funding problems head-on.
Christie has proposed raising the Social Security benefits age for Americans currently under 50 years old, The Hill reported.
“We can make real savings over the long term by playing with eligibility age,” he said. “We have got to have this conversation. And other than me, nobody in this race is willing to talk about it. It’s ridiculous.”
Tim Scott
The South Carolina senator says he would not touch Social Security or Medicare benefits, The Washington Post reported. However, Scott says the U.S. should examine the state of entitlements to “tame the tiger.”
Vivek Ramaswamy
Ramaswamy, co-founder and executive chairman of Strive Asset Management, has said that proposals to reform Social Security come from “a good place,” according to the WaPo. He also believes the government should honor its commitment to those who paid into the system.
“If the government has made you certain commitments that you have lived your life and paid in as you have over the last number of years in your life, that you can’t just pull that rug out from under them,” Ramaswamy said.
Doug Burgum
The North Dakota governor signed legislation that ends taxing Social Security income. Like Ramaswamy, Burgum believes the U.S. government should honor its commitment on Social Security.
Asa Hutchinson
According to The Washington Post, the former Arkansas governor opposes changes to Social Security such as raising the retirement age for all workers. One reason is that such a move would hurt some workers more than others.
“We have got to protect Social Security and Medicare,” Hutchinson said. “When you look at the long-term concerns about it, we have got to bring in more workers.”
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