The 2024 vice presidential candidates have varying opinions on the future of Social Security as the program faces insolvency.

• White House leaders may influence Social Security reform efforts as the trust funds approach depletion dates.
• The future of the program, as stated by the vice presidential candidates for 2024, is uncertain.

As Social Security faces insolvency, where vice presidential candidates stand on the program

The clock is ticking to fix Social Security's funds.

The future of the program may be significantly influenced by the next White House administration.

Earlier this year, Social Security's trustees projected that the program's combined trust funds will last until 2035, with 83% of benefits payable. However, the fund that Social Security relies on to pay retirement benefits is projected to run out sooner, in 2033, with only 79% of those benefits payable.

Both President Biden and former President Trump have pledged not to alter benefits, although Trump hinted at reducing entitlements in a March CNBC interview.

The oldest presidential candidates are participating in the November race. Biden, at 81, is the oldest American president, while Trump, 77, is among the 20 oldest world leaders.

Inflation for June 2024 is detailed in a single chart. Gen Z is open to purchasing fixer-upper homes, but some express regret about their decision. Lower inflation indicates a smaller 2025 Social Security COLA.

JD Vance, a Republican Senator from Ohio, brings a fresh perspective to Trump's VP selection.

One-third of U.S. presidents have previously served as vice president, and either Vance, 39, or Democratic Vice President Kamala Harris, 59, may one day occupy the Oval Office.

Some experts have expressed concerns about the impact of Vance as VP on Social Security and Medicare.

Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare, stated that former President Trump would eventually discuss the need to reduce certain programs, saying, "We need to cut these programs."

Richtman stated, "The following day, he'll say, 'That's not what I meant,' and Vance shares the same personality trait."

According to press interviews from 2022, Vance has stated that he does not support cuts to Social Security or Medicare.

"In 2019, the federal government spent approximately $4.4 trillion, and it is expected to collect the same amount in taxes this year. Vance stated this to Fox Business in January. According to him, it is not necessary to make changes to Social Security and Medicare in order to achieve long-term fiscal stability."

The National Committee highlights that his recent comments contradict earlier statements he made.

The advocacy group has backed Biden for the 2024 race, marking only the second time it has done so. When questioned about Trump's choice of running mate to support Social Security, Richtman stated that most Republicans would have made a similar decision.

'Neither candidate really has a plan'

Democrats' plans for Social Security, which involve imposing extra taxes on high-income earners over $400,000, have been approved by the National Committee.

As a senator for California, Harris supported a plan for similar reforms called the Social Security Expansion Act, which is now championed by leaders including Sens. Bernie Sanders and Elizabeth Warren.

"Joe Biden and I will safeguard Social Security, while Donald Trump will not," Harris stated on X in June. "The distinction is evident."

In his State of the Union speeches and budget plans, Biden has highlighted the importance of safeguarding Social Security.

Democrats have advocated for increasing taxes on the wealthy to fund program expansions, while Republicans have opposed such tax increases.

Ultimately, Social Security reform may require a combination of changes.

In a June interview with The New York Times, Vance proposed motivating "seven million prime-age men not currently employed" to join the workforce.

Vance stated to the Times that by shifting millions of men from inactivity to employment, increasing wages across the board, imposing tariffs, and buying oneself a significant amount of time beyond the nine or ten years predicted by actuaries, one can achieve a great deal.

The American Enterprise Institute's senior fellow Andrew Biggs stated that although getting more people back to work would aid Social Security, it would be challenging to achieve.

Biggs said that Vance overestimated the extent to which that change could repair the program.

"According to Biggs, there is a significant funding gap that exceeds the one faced by Social Security in 1983, and neither candidate has presented a comprehensive plan to address it."

Democrats would beg to differ.

"Joe Biden is the only candidate in this race who will safeguard the benefits that millions of Americans have contributed to throughout their lives," stated Joe Costello, a spokesperson for the Biden-Harris 2024 campaign.

In 2029, Biggs predicts that the nation will still face the same Social Security dilemma, and the president who takes office then, whether it's Vance, Harris, or someone else, may have to address it.