WASHINGTON, DC -Today the trustees of the Social Security and Medicare trust funds released their annual report to Congress on the status and projected condition of the funds over the next 75 years. Today’s report offered a reminder of the need for bipartisan cooperation to address the projected funding shortfalls in the trust funds. According to the trustees, the Social Security trust fund will remain solvent through 2041, while Medicare will exhaust its reserves by 2019.
Ways and Means Chairman Charles B. Rangel (D-NY) joined Health Subcommittee Chairman Pete Stark (D-CA) and Social Security Subcommittee Chairman Michael McNulty (D-NY) in issuing the following statements on today’s report:
Chairman Rangel:
“This report underscores the importance of rebuilding trust between the parties, so that we may work together to protect the guaranteed benefits provided by Social Security and Medicare. We will do what we have to in order to restore long-term financial stability to these programs, the question now is whether we have the will to come together and do so. We have time to get this right, and I have no doubt we will, if we focus on solutions, not politics."
Health Subcommittee Chairman Stark:
“The trigger is an arbitrary threshold designed to scare people into thinking we can`t afford to continue Medicare as an entitlement. The fact is that we can`t afford not to. Since creating Medicare, Congress has regularly modified and modernized the program to accommodate advances in medicine and to meet the demands of a growing population. I look forward to working with colleagues on both sides of the aisle to ensure Medicare`s viability for future generations."
Social Security Subcommittee Chairman McNulty:
“This report shows that the challenge facing Social Security is a manageable one. The American people have spoken clearly that they value Social Security`s guaranteed benefits, and it is our job to preserve that structure."
