Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today following the release of the 2026 Social Security and Medicare Trustees reports:

“Today’s Trustees reports make clear that we are rapidly running out of time to secure the future of Social Security and Medicare.

“If lawmakers fail to act, all Social Security recipients will face automatic, immediate benefit cuts of 22% in 2032, just six years from now. In seven years, Medicare faces an automatic cut to providers that could lead to disruptions in care or higher costs for patients.

“Social Security and Medicare are essential programs that form the backbone of economic and retirement security for millions of Americans. For decades, Washington has ignored repeated warnings from the Trustees and allowed the trust fund depletion to tick closer and closer.

“It’s important to recognize that the Senators we elect this year will be in office when Social Security becomes unable to pay out full benefits, so this must be a central campaign issue. Recent Peterson Foundation polling shows that an overwhelming 96% of voters want candidates to have a clear plan to address Social Security’s finances and prevent automatic benefit cuts.

“This crisis is both highly predictable, and fully avoidable, as there are many well-known solutions available. Now is the time for responsible, bipartisan leadership to strengthen Social Security and Medicare, ensuring the stability of these programs for generations of Americans to come.”