Washington
– Senate
Finance Committee Chairman Chuck Grassley (R-Iowa) today released the following
statement regarding the Social
Security and Medicare
Boards of Trustees’ annual reports. The projections and analyses in these
reports do not reflect the potential effects of the COVID-19 pandemic on the
Social Security and Medicare programs.
– Senate
Finance Committee Chairman Chuck Grassley (R-Iowa) today released the following
statement regarding the Social
Security and Medicare
Boards of Trustees’ annual reports. The projections and analyses in these
reports do not reflect the potential effects of the COVID-19 pandemic on the
Social Security and Medicare programs.
“It’s too
early to tell what the effects of the ongoing pandemic might be, and projecting
the effects would involve too much uncertainty at this point. Prior to the
public health and economic crisis stemming from the coronavirus, growth in the
economy, increased wages and record employment stemming from the Tax Cuts
and Jobs Act – along with an end to the prior administration’s crippling
regulatory agenda that choked the economy – helped Americans at work and in
their retirement security. With bigger paychecks, more jobs and increased
pension values, Americans’ retirement savings are better protected.
early to tell what the effects of the ongoing pandemic might be, and projecting
the effects would involve too much uncertainty at this point. Prior to the
public health and economic crisis stemming from the coronavirus, growth in the
economy, increased wages and record employment stemming from the Tax Cuts
and Jobs Act – along with an end to the prior administration’s crippling
regulatory agenda that choked the economy – helped Americans at work and in
their retirement security. With bigger paychecks, more jobs and increased
pension values, Americans’ retirement savings are better protected.
“While the
strong economy and labor markets helped Americans across the board, Social
Security and Medicare trust funds also benefited, and will continue to once
economic activity resumes. However, it remains that those trust funds are not
financially sustainable, and reforms are necessary to ensure stability and
sustainability of the Medicare and Social Security programs.
strong economy and labor markets helped Americans across the board, Social
Security and Medicare trust funds also benefited, and will continue to once
economic activity resumes. However, it remains that those trust funds are not
financially sustainable, and reforms are necessary to ensure stability and
sustainability of the Medicare and Social Security programs.
“This highlights the
importance of Congress acting on my bipartisan bill to reduce prescription drug
prices, which the Congressional Budget Office estimates would save taxpayers
$100 billion, as an initial step in making these reforms.
importance of Congress acting on my bipartisan bill to reduce prescription drug
prices, which the Congressional Budget Office estimates would save taxpayers
$100 billion, as an initial step in making these reforms.
“As these reports show,
the nation’s Medicare program will be in the red in less than a decade – by 2026 – and the Social Security’s combined disability and
retirement trust funds will be exhausted in 2035. With Social Security facing
more than $53 trillion in unfunded future liabilities, it’s clear that work
needs to be done to ensure that these programs can truly benefit future
generations.”
the nation’s Medicare program will be in the red in less than a decade – by 2026 – and the Social Security’s combined disability and
retirement trust funds will be exhausted in 2035. With Social Security facing
more than $53 trillion in unfunded future liabilities, it’s clear that work
needs to be done to ensure that these programs can truly benefit future
generations.”