WASHINGTON, D.C. — Today, the Board of Trustees for the Social Security and Medicare Trust Funds released their annual reports on the financial health of these important programs—82 days past the statutory deadline set by Congress. This year’s reports found that:

• The Medicare hospital program will not be able to pay full benefits in 2028.  

• Social Security’s combined Trust Funds will not be able to pay full benefits in 2034, at which point beneficiaries would face a 21-percent benefit cut if action is not taken.

In response, House Ways and Means Committee Chairman Kevin Brady (R-TX), Health Subcommittee Chairman Pat Tiberi (R-OH), and Social Security Subcommittee Chairman Sam Johnson (R-TX) released the following statements.

“These reports reaffirm what we already know: the programs millions of Americans rely on for health care and retirement security are barreling down the path toward insolvency,” said Chairman Brady. “If the Obama Administration continues its irresponsible inaction, Medicare and Social Security will fail to serve our children and grandchildren in the future. The Administration has a responsibility to work with us on serious solutions that preserve and strengthen these programs. Chairman Tiberi and Chairman Johnson will continue to lead our efforts so that Americans can continue to receive the benefits they deserve.”

“Today’s report once again signals the urgent need for structural reforms to put Medicare on a more sustainable path,” said Chairman Tiberi. “We cannot afford any delays to protect seniors and address this problem head on—so it is even more frustrating that the Administration submitted this report more than 80 days late. Going forward, it is my hope that the Administration will work with the Ways and Means Committee to examine how we can make concrete and responsible steps to strengthen Medicare for seniors and future retirees.”

“Today’s report is another reminder of the real challenges Social Security faces and its grim future looming ahead if we don’t act,” said Chairman Johnson. “The American people deserve a program they can count on, not campaign promises on plans that don’t add up. I am committed to making sure Social Security is there for our children and grandchildren, just like it’s there for seniors and individuals with disabilities today.”

NOTE:

At 2:00 PM, the House Ways and Means Social Security Subcommittee, chaired by Rep. Johnson, will hold a hearing to discuss the findings of the Social Security Trustees Report with the Social Security Adminsitration’s Chief Actuary, Steve Goss. To watch the hearing online, click here.

At the same time at the American Enterprise Institute, House Republicans will unveil our plan to repeal Obamacare and replace it with a “Better Way” to deliver 21st century, patient-centered health care. The plan includes a proposal for how to strengthen and preserve Medicare. To watch the event online, click here.