September 01,2021

Crapo Statement on 2021 Medicare and Social Security Trustees Reports

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.”