Peterson Foundation Statement on Social Security and Medicare Trustees Reports

NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today following the release of the Social Security and Medicare Trustees reports. The reports indicate that Social Security’s Old-Age and Survivors Insurance Trust Fund is expected to become depleted in 2033, and Medicare’s Hospital Insurance Trust Fund is expected to become depleted in 2026. Peterson said:

“It makes no sense that we allow programs as essential as Social Security and Medicare to remain on such shaky and uncertain fiscal ground. There are many, well-known solutions available and it is fully within our lawmakers’ control to put these programs on a more sustainable path. Failure to do so is both irresponsible and unfair to the millions of Americans who rely on them, especially those counting on these programs in the future.”

“As lawmakers consider significant new spending this year, this is a critical reminder that our nation’s existing fiscal foundation is already completely unsustainable, with structural, trillion dollar deficits as far as the eye can see. As a result, the safety net and other critical programs are already at risk. Building an inclusive, prosperous and moral economic system means stabilizing our nation’s fiscal position over the long term so we have reliable resources for our most critical needs — including the vital health and retirement security provided by Medicare and Social Security.

“If this pandemic has taught us anything, it’s the importance of preparedness. We must shore up these critical programs, so they are strong, stable and reliable — especially for our most vulnerable citizens.”

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