Washington, D.C.– U.S. Senator Mike Crapo (R-Idaho),
Ranking Member of the Senate Finance Committee, issued the following statement
on yesterday’s 2021 Social Security Trustees Report and 2021 Medicare Trustees
Report:
“Yesterday’s
reports on the financial status of various Medicare and Social Security trust
funds once again identify unsustainable benefit promises in Medicare and Social
Security programs. The Hospital Insurance trust fund is projected to be
exhausted around 2026; there are $60 trillion of unfunded liabilities in Social
Security programs; and unfunded liabilities increased by trillions of dollars
over the last year alone.
“While
bipartisan efforts are necessary to make needed changes to address Medicare and
Social Security long-term financial challenges, most Democrats want only to
expand benefit promises further without generating sustainable trust fund
solvency.
“I
agree with the report’s recommendation that ‘Congress and the executive branch
work closely together with a sense of urgency to address these challenges,’ and
urge bipartisanship and cooperation to do so.”
###