As the 2024 presidential election looms ever closer, more Americans believe President Joe Biden can better protect Social Security than Donald Trump, new polling has found.
Social Security has become a key talking point in the run-up to November's poll, with Biden and Trump having both expressed different viewpoints on how to fund the decades-old program, which provides retirement, disability and survivor benefits to more than 70 million Americans.
The polling, conducted exclusively for Newsweek by Redfield and Wilton Strategies, surveyed 4,000 eligible U.S. voters between April 6 and 7 this year. When asked which of the two presidential candidates they trusted more, 41 percent said Biden, while 36 percent indicated they preferred Trump. Only 5 percent said they trusted both equally, while 12 percent said they did not know.
Both men and women were more likely to put their trust in the current president, with 42 percent of men opting for Biden against 40 percent of women. Of those who said they had more faith in Trump, scores came in at 38 and 35 for men and women respectively.
With the exception of Gen-Z, all generations demonstrated a preference for Biden. Those born between 1997 and 2006 were more likely to have confidence in the Republican candidate (34 percent) compared to Biden (27 percent).
The age demographic most likely to trust Biden with Social Security were Baby Boomers and the Silent Generation (48 percent), the two oldest groups in the U.S. In the same age group, 35 percent said they would have more faith in Trump.
The polling comes as the Social Security Administration (SSA) is facing a dire funding cliff that could see benefits significantly reduced if action is not taken by lawmakers within the coming decade. If current predictions ring true, the two vital trust funds that help pay for Social Security benefits are expected to run out by around 2034.
Trump has recently attracted attention for saying Social Security entitlements could be cut. "So first of all, there is a lot you can do in terms of entitlements, in terms of cutting," Trump said on the subject of Social Security and Medicaid during a call into CNBC's Squawk Box program on March 11. "And in terms of, also, the theft and the bad management of entitlements—tremendous bad management of entitlements—there's tremendous amounts of things and numbers of things you can do."
Trump later clarified what he meant by his comments, telling conservative news website Breitbart: "I will never do anything that will jeopardize or hurt Social Security or Medicare."
Biden responded to Trump's comments, taking to social media to say that "Social Security is on the ballot" this coming November. His administration has outlined plans to raise taxes on wealthier Americans in a bid to extend the SSA's solvency.
The polling shows the desire to fix Social Security is on the minds of American voters and could be a key decider in November's election. In a separate polling question, voters were asked whether they were more or less likely to vote for a presidential candidate who "made cutting Social Security part of their platform," with results showing almost half (48 percent) of all American voters would be less inclined to support them in November.
Of those who felt less inclined, 35 percent said they were significantly less likely to do so. Overall, 23 percent of those surveyed said they were more likely to vote for a candidate who supports cutting Social Security, while 22 percent said they were neither more nor less likely.
All groups showed a preference for not wanting presidential candidates to cut the longstanding social insurance program. But the older generations—all those born before 1964—were the most likely to not vote for a candidate that wished to cut Social Security, with the majority (58 percent) saying they were significantly less likely to do so.
Experts have warned that time is running out for lawmakers to fix the problem. "With the impending election and both Biden and Trump fearing elderly voters, neither will face up to the massive impending deficits at Social Security," James B. Lockhart, the former COO of the SSA under President George W. Bush and current senior fellow at the Bipartisan Policy Center told Newsweek. "We may need a bipartisan, bicameral Fiscal Commission to protect Social Security. We cannot wait another five years."
Do you support Donald Trump or Joe Biden on their plans for Social Security? Do you support neither? Are you for or against benefit cuts? Email a.higham@newsweek.com
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Aliss Higham is a Newsweek reporter based in Glasgow, Scotland. Her focus is reporting on issues across the U.S., including ... Read more
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