Vice President Harris paid tribute to President Biden today at her first public event since he withdrew from the 2024 race and endorsed her. Congratulating winning NCAA athletes at the White House this morning, she said that, in one term, President Biden has already surpassed the legacy of many presidents who served two, a record “unmatched” in American history. “I am a first-hand witness that he fights for the American people every day,” she said.
As we have noted many times, the President has fought especially hard for American seniors — by lowering prescription drug prices, strengthening Medicare, and advocating improvements to Social Security — which is why he earned our endorsement in June. His heir apparent, Vice President Harris, has been in lockstep with President Biden on these crucial issues.
As Newsweek reports, “Harris, who announced her intent to run on Sunday, has not yet released her official policy proposals, but she previously supported” Biden’s policies regarding Americans’ earned benefits. Alex Beene, a financial literacy instructor at the University of Tennessee, told Newsweek, “While there are (various) policy options being discussed in Washington, Harris’ position on Social Security will likely remain the same as Biden’s.”
President Biden and many Democrats want to increase revenue coming into Social Security’s trust fund to avoid a projected shortfall by 2035, absent corrective action.
“Harris supported Biden’s plans to raise Social Security payroll taxes on Americans earning $400,000 or more annually. Currently, only $168,600 of yearly earnings are subject to Social Security taxes.” – Newsweek, 7/22/24
During her time as a Senator from California, Harris backed the Social Security Expansion Act (introduced by Bernie Sanders), which would adjust the Social Security payroll wage cap (so that earnings above $250,000 would be subject to additional taxes). Rep. John Larson’s Social Security 2100 Act adheres more closely to the President’s pledge not to raise taxes on anyone earning less than $400,000 a year. NCPSSM has endorsed both bills, which not only would strengthen the program’s finances, but boost seniors’ benefits as well.
As the presumptive Democratic nominee, Vice President Harris likely will continue President Biden’s efforts to push back on Republican proposals to cut benefits — from raising the retirement age to means-testing or even privatizing Social Security.
“President Joe Biden and I will protect Social Security. Donald Trump will not. The contrast is clear,” Harris posted on X in June.
We have argued that Donald Trump cannot be trusted to protect Social Security. He told CNBC that he was “open” to “cutting entitlements”; he has lied about undocumented workers collecting Social Security (they don’t); and several of his White House budgets proposed cutting Social Security and Medicare by billions of dollars. At the Republican convention, Trump dubiously claimed that he is fighting for older Americans.
“How can you claim to fight for seniors when you intend to cut Social Security and Medicare, which is a lifeline for so many of our seniors?” – Kamala Harris
The University of Tennessee’s Alex Beene argues that in order to protect and strengthen seniors’ earned benefits, a President Harris would need a Democratic House and Senate. Democrats are hoping to flip the House and to hold onto their narrow margin in the Senate.
Harris will no doubt try to build on the administration’s successes in lowering prescription drug prices for seniors, as well. The administration’s landmark legislation, the Inflation Reduction Act (IRA), empowered Medicare to negotiate drug prices with Big Pharma. The prices of the first 10 life-saving drugs to be price-negotiated will be announced in September. The IRA also limited Medicare beneficiaries’ insulin costs to $35/month and capped overall out-of-pocket drug spending by patients to $2,000 per year – a provision that takes affect in 2025.
Project 2025, a right-wing blueprint for a second Trump term, calls for repealing the IRA and the Affordable Care Act. The House Republican Study Committee budget for 2025 would slash Social Security and Medicare.
“You paid into Medicare and Social Security your entire lives. Now, House Republicans want to cut it,” Vice President Harris posted on Facebook.
Based in part on her championing of workers’ social insurance benefits, one of the nation’s largest labor unions, the SEIU (Service Employees International Union), lost no time in endorsing Harris less than 24 hours after Biden quit the race. “We know that she will defend the Affordable Care Act and protect Medicaid, Medicare and Social Security against Republican threats.”