4 Ways a Kamala Harris Presidency Could Affect Retirees’ Finances
One group of voters now carefully watching Kamala Harris and her views is retirees. They want to see how the current vice president’s policies, if she were to win the White House, might impact their finances and daily lives.
Read: How Much Is Vice President Kamala Harris Worth?
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So far, it appears her views on many aspects of the economy align with President Biden’s. Those include areas such as Social Security that likely directly impact the lives of retirees. Here’s a look at four ways a Harris presidency could affect retirees’ finances.
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Plans to Fund Social Security
Let’s start with Harris and the Social Security Administration’s (SSA) funding problems. According to Newsweek, “If new funding plans to shore up the trust funds that help finance benefits for tens of millions of Americans do not materialize under a future government, it could see benefits immediately cut by around a fifth in 2035, according to the government agency’s most recent projections.”
So far, Harris has followed Biden and his plans for funding the SSA. That includes putting additional taxes on the wealthy to help secure the future of the program, which provides benefits to many retirees in the United States.
In addition, Harris is likely to stick to Biden’s views opposing any cuts to benefits or plans to privatize Social Security. In fact, the administration has previously said it would increase SSA’s funding from the 2023 enacted level.
Learn: What Does Social Security Cover for Long-Term Care?
Tackling Medicare and Healthcare Topics
Beyond reproductive health rights, which are likely to be a significant cornerstone of a Harris campaign, the vice president has been outspoken on other healthcare issues.
According to Becker’s Hospital Review, Harris offered a “Medicare for All” plan that “…called for a 10-year phase-in period and would allow private insurers to compete with a government-led system.”
The vice president has been a supporter of investments to help address the maternal health crisis and reduce health inequities. In addition, Harris announced rules that set minimum staffing requirements for long-term care facilities and at-home services.
Support for Lower-Income People
Here’s something else that may be good news for retirees and their money. Harris has championed various moves to assist low- and middle-income people in the United States. She was behind the LIFT the Middle Class Act, which proposed tax credits for lower-income Americans, and was an early supporter of universal healthcare.
According to Time, “Harris, who kickstarted in April an Economic Opportunity Tour across the country, has touted the Biden Administration’s record on key economic issues, including supporting small businesses, job creation, infrastructural investment, healthcare accessibility, and erasing student loan debt.”
Ideas to Lower Prices
Inflation and rising prices have been hitting many Americans hard over the past year – especially those living on fixed incomes. Harris has said gas prices and the effects of inflation are both high priorities for her, which makes sense given voters have also said those are priorities for them when it comes to the presidential election.
Harris said, according to WDSU, “The President and our administration’s probably highest priority is bringing down the price of gas and the cost of living.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. For more coverage on this topic, please check out 3 Ways a Trump Second Term Could Affect Retirees’ Finances.
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