Washington, DC – Today, Ways and Means Chairman Dave Camp (R-MI), Health Subcommittee Chairman Kevin Brady (R-TX) and Social Security Subcommittee Chairman Sam Johnson (R-TX) made the following statements upon the release of the 2014 Medicare and Social Security Trustees Report. According to the report, at the current rate, Medicare will go bankrupt in 2030 and Social Security will not be able to pay full benefits in 2033.
Rep. Camp: “This Administration continues to ignore the fast-approaching crisis that Medicare & Social Security face – especially our Social Security Disability Program. The fact is, without bipartisan action, benefits will be cut. It is time that Congress come together to enact some reforms so we can honor the security and benefits these programs provide our nation’s seniors.”
Rep. Brady: “Don’t be fooled by the news that Medicare has a few more years of solvency. Given that this year alone Medicare will need a $273 billion transfer from taxpayers to cover its bills, this important program for seniors will simply not survive in the long haul unless Congress acts soon to preserve it. There are dozens of bipartisan solutions, many discussed before the Ways and Means Health Subcommittee, that could help put Medicare on stable financial footing. The time for action on these commonsense ideas is now. Our seniors, both present and future, are counting on it.”
Rep. Johnson: “Today the Social Security Trustees are again sounding the alarm. Unless Congress does its job, full benefits can’t be paid on time beginning in just two years for those receiving disability benefits. Further, when today’s 48- year old workers reach their full retirement age in 2033, they and everyone else receiving retirement and survivor benefits will see a 23 percent benefit cut. It’s no wonder a recent survey by Transamerica Center for Retirement Studies survey found 81 percent of those between the ages of 18 and 34 today don’t believe Social Security will exist when it comes time for them to retire. They and all Americans want, need, and deserve action by their President and their Congress. The price of delay only gets higher with each passing year.”