Statement on the 2015 Social Security & Medicare Trustees Reports
Statement on the 2015 Social Security & Medicare Trustees Reports
NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today following the release of the 2015 Annual Reports of the Social Security and Medicare Trustees:
“In today’s reports, the Trustees sound a clear warning call that Social Security and Medicare remain on an unsustainable path. The Trustees warn us once again that, without action, the health and retirement security of millions of Americans will be put at risk.
“Unfortunately, the longer we wait, the more limited our options become. And the sooner we act, the more flexibility we will have to implement sensible, gradual and compassionate reforms. By acting now, we can preserve and protect these vital programs — especially for Americans who need them the most.
“There’s no shortage of options available for policymakers to eliminate the threat to these programs. As part of our Foundation’s recent Solutions Initiative, five leading think tanks from across the political spectrum developed long-term fiscal plans that stabilize the debt and sustain Social Security and Medicare.
“Adopting a comprehensive plan to stabilize our fiscal future is essential, both for the long-term viability of these key programs, as well as for the success of our overall economy.”
Further Reading
The Fed Held Its Target Range After Reducing the Short-Term Rate Three Meetings in a Row
High interest rates on U.S. Treasury securities increase the federal government’s borrowing costs.
How Does the United States’ Fiscal Position Compare to Other Countries’?
The United States has higher budget deficits and spends more on interest costs than its peers.
The United States Collects Less Tax Revenue Than Other G7 Countries
The U.S. collects less tax revenues compared with other G7 countries, and that lower level of revenues is a key driver of the national debt.