June 05,2018

Press Contact:

Katie Niederee and Julia Lawless, 202-224-4515

Hatch Statement on Medicare and Social Security Trustees’ Reports

WASHINGTON – Senate Finance Committee Chairman Orrin Hatch (R-Utah) today issued the following statement regarding the Social Security and Medicare Boards of Trustees’ annual reports:

“After the biggest tax code rewrite in more than 30 years, good economic news continues to roll in – wages are up, unemployment is down and businesses across the country are optimistic. This good news extends to Americans’ retirement savings. With bigger paychecks, more jobs and a surging stock market, Americans are better able to save for the future.

“And while this current growth will help the long-term prosperity of our great nation, it’s abundantly clear that we need to act to bolster the financial stability of the Medicare and Social Security programs. As today’s reports show, the nation’s Medicare program will be in the red in less than a decade – by 2026 – and the Social Security combined disability and retirement trust funds will be exhausted in 2034. With Social Security facing more than $34 billion of unfunded future liabilities, we must not turn a blind eye. We should keep our attention focused on reforming these programs so that they can truly benefit future generations.”