David Walker on the Social Security
and Medicare Trustees' Reports
and Medicare Trustees' Reports
Media Inquiries Only:
Elizabeth Wilner/Myra Sung
212-542-9200/press@pgpf.org
"The latest Social Security and Medicare Trustees reports emphasize how critical it is that we reverse the deteriorating financial health of these vital social insurance programs. The Medicare Hospital Insurance program's expenses exceeded its income in 2008, and the program is expected to not be able to pay all of its bills beginning in 2017, two years earlier than the Trustees projected last year. Social Security's combined costs will exceed its income in 2016, and the program is expected to become unable to pay full benefits when due in 2037, four years earlier than was projected last year.
"It is imperative that Washington begin to take steps to put the nation's financial house in order. Tough choices must be made in connection with budget controls, entitlement reforms, spending constraints and revenue increases. A nonpartisan 'fiscal future commission' is needed to engage the American people in a discussion about comprehensive reforms and lay the groundwork for the 'grand bargain' President Obama has said he wants to achieve during his presidency."
About PGPF
Since its launch in July 2008, the Peter G. Peterson Foundation has invested nearly $11 million in grants to raise awareness of, and seek solutions to the fiscal challenges posed by the rising costs of health care and retirement and a near-zero household savings rate. To address these challenges successfully, the nonpartisan Foundation works to bring Americans together to find sensible, long-term solutions that transcend age, party lines and ideological divides. For more information, see www.PGPF.org.
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