WASHINGTON, D.C. – House Ways and Means Social Security Subcommittee Chairman Sam Johnson (R-TX) announced today that the Subcommittee will hold a hearing to review the 2016 Social Security Trustees Report on Wednesday, June 22, at 2:00 PM in room B-318 of the Rayburn House Office Building. The hearing will begin just hours after the Trustees Report is expected to be released to Congress and the American people — more than 80 days past the statutory deadline set by Congress. At the hearing, the Social Security Administration’s Chief Actuary, Steve Goss, will testify on the findings of this year’s report.
Upon announcing the hearing, Chairman Johnson said:
“Social Security faces serious financing challenges — and they grow bigger each day. This hearing will focus on the latest news from the Trustees and why we can’t keep kicking the can down the road. Americans want, need, and deserve a strong Social Security program that will continue to be there for our children and grandchildren.”
Every year, the Board of Trustees for the Social Security and Medicare Trust Funds is required to release reports by April 1 on the financial health of Social Security and Medicare. These reports help inform lawmakers about the financial status of these important programs, on which millions of seniors and individuals with disabilities rely. For the last several years, the Trustees have failed to meet that statutory deadline.
According to last year’s Trustees Report, Social Security’s combined Trust Funds will be exhausted in 2034, at which point beneficiaries would face a 21 percent across the board benefit cut unless Congress acts. The Trustees also estimated that the Disability Insurance (DI) Trust Fund would be unable to pay full benefits this year, but the steps taken in the Bipartisan Budget Act of 2015 moved forward the exhaustion date of the DI Trust Fund to 2022.