March 19,2001

Grassley Comment on the Social Security, Medicare Trustees' Reports

Today the Social Security and Medicare Boards of Trustees released their annual reports onthe financial status of Social Security and Medicare. The reports show that while the short-termfinancial status of each program has improved somewhat since last year’s report, substantialchallenges remain that need to be addressed at the earliest opportunity. Sen. Chuck Grassley,chairman of the Committee on Finance, is convening a hearing Tuesday at 10 a.m. with the HouseCommittee on Ways and Means to examine the reports. Grassley made the following comment onthe findings.

“There’s reality television. This is reality policymaking. These annual reports paint asobering picture of Social Security and Medicare. They’re enough to bring the most unrealisticthinkers back down to earth.

“The reports’ findings will sharpen our focus on the task at hand, which is saving SocialSecurity and Medicare for the baby boomers and beyond. Our President is not only committed tosaving these programs, but he’s also passionate about saving them. Congress has to take the sameapproach. We need to use the short respite before baby boomer retirement to save Social Securityand Medicare. We have to make hay while the sun shines. I’m confident we’ll do that.”