America’s seniors are important to our society but are too often taken for granted. Many have put their lives on the line and sacrificed much so that we can be a free, prosperous nation. We have a responsibility to protect the best interests of seniors and ensure that we do no harm to the benefits they already receive. For seniors who live on fixed incomes, the prospect of being forced to pay more for health-care is truly frightening. During these difficult economic times, when many are already struggling to make ends meet, raising seniors’ health-care costs will only make their hardships worse.
First, please know that my priority is to preserve Medicare and Social Security for current beneficiaries and future generations. I do not support making changes that would affect any current beneficiaries or those nearing retirement; however, in order for the next generation of beneficiaries to receive full benefits and quality care, we must take action to save these programs for the future by ensuring their solvency. Otherwise, these programs will not be there for future generations of Americans.
According to the annual reports of the Medicare and Social Security Trustees, both programs will run out of funds within the next 25 years. Medicare is projected to run out of money by 2024. Medicare’s cash flow deficit of more than $32 billion is the largest ever, both in absolute dollar terms and in percentage of taxable payroll. While not as imminent of a threat, in 2036, the Social Security trust’s funds will be insolvent, and payments to beneficiaries would immediately have to be cut by 23 percent. These fiscal challenges are not new unexpected circumstances; rather, politicians have chosen to avoid tackling the problems and have allowed these systems to near insolvency. If something is not done now, there will not be enough time to reform Medicare and Social Security in order to save them.
Please know that I am committed to finding permanent solutions to fix the many issues facing both Medicare and Social Security so that we can preserve these programs for future beneficiaries while continuing to honor our commitments to those at or near retirement age.Related News