Social Security will be unable to pay full benefits a year earlier than previously projected, while Medicare’s insolvency date remains just five years away, according to the latest trustee reports.
But nobody in the nation’s capital is stepping up with proposals to fix the two largest federal entitlement programs.
“According to the report that came out today, the Social Security trust fund will be depleted a year earlier than last projected. That means workers in the future will take a 25 percent cut in benefits, even though they’ll still be contributing to Social Security with every single paycheck,” Wyden said.
“And while the projected depletion of the Medicare Trust Fund remains unchanged from last year’s report, this provides cold comfort to the millions of Americans who rely on the Medicare program for their health care. Congress must work hand in hand with President Biden to ensure that Medicare and Social Security will keep the promises made to workers, seniors and people with disabilities to ensure a dignified retirement and high-quality health benefits,” the Oregon Democrat said.
“In the depths of the COVID crisis, these earned benefits helped families stay afloat and ensured access to health care. Democrats remain committed to preserving and strengthening these vital programs so that Americans never have to worry about losing the critical economic security they provide.”
Spokesmen for neither Wyden nor Neal responded to The Epoch Times’ request for comment on how the two officials would approach fixing Social Security and Medicare.
On the Republican side, the spokesman for Rep. Kevin Brady, the Texas Republican who is the Ranking Minority Member of Neal’s panel, was also unavailable for comment.
“I urge GAO to continue monitoring the trustees report development process and lack of adequate notification to Congress specifically identifying when trustees’ reports are expected to be delivered to Congress by the Managing Trustee.
“To date, the notification process is at best woefully inadequate and at worst almost casually indifferent to the important information contained in the trustees reports regarding the financial status of the funds, which are currently facing eventual exhaustion.”
Outside of Congress, think tank experts and other reform advocates emphasized the narrowing window of opportunity to address long-standing problems with Social Security and Medicare.
Heritage Foundation Senior Fellow Doug Badger told The Epoch Times that political will is the key to making progress.
“We need leaders in both parties to get serious about fiscal matters in general and about middle-class entitlements in particular. According to the trustees’ report, this is the worst condition the Medicare trust fund has been in since 1997.
“In that year, a Democratic president — Bill Clinton — and a Republican Congress, led by House Speaker Newt Gingrich, agreed on a bipartisan deficit reduction plan that extended the life of the Medicare trust fund.
“Since then, there has been very little interest among leaders of either party in entitlement reform. Until that changes, politicians will continue to promise benefits that government can’t deliver.”
“There are many, well-known solutions available and it is fully within our lawmakers’ control to put these programs on a more sustainable path. Failure to do so is both irresponsible and unfair to the millions of Americans who rely on them, especially those counting on these programs in the future,” Peterson said.
