Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today following the release of the 2024 Social Security and Medicare Trustees reports:

“Today’s Trustees reports drive home the fact that the clock is ticking down on automatic cuts to Social Security and Medicare.

“It’s actually harmful to promise not to touch these essential programs, because failing to act will mean significant, immediate cuts that affect millions of Americans.

“Without action to strengthen Social Security, all retirees would face a 21% automatic cut in 9 years. Without action to improve Medicare’s finances, there would be an automatic cut to providers in 12 years that could affect costs and care options for nearly 82 million beneficiaries.

“Continuing to ignore these warnings puts beneficiaries at risk, creates economic uncertainty and adds to our fiscal challenges. Yet the trust fund depletion dates have grown closer and closer. In fact, we haven’t been this close to the depletion of Social Security since the last bipartisan reforms done in 1983.

“Looking ahead to the November election, voters are looking for leadership on key fiscal questions facing our nation. Across party lines, more than nine-in-ten voters believe it is important to elect candidates who will prevent automatic cuts to Social Security and Medicare.

“The longer Congress delays reform, the more challenging the options become, and these programs are too important to continue to let them drift toward insolvency. There are many solutions available to strengthen Social Security and Medicare, and it’s critical that Congress provide greater certainty and stability for the future.”

Recent Peterson Foundation polling finds that voters across party lines overwhelmingly believe it is important to elect candidates who are committed to:

• Strengthening Social Security to avoid automatic cuts to beneficiaries (95% important, including 96% of Democrats and 94% of Republicans)
• Strengthening Medicare to avoid automatic cuts that impact patient care options and costs (92% important, including 96% of Democrats and 91% of Republicans)
• Strengthening Social Security so it’s available for current retirees and younger generations (96% important, including 100% of seniors and 93% of voters ages 18 to 44)