Statement on the 2016 Social Security and Medicare Trustees Reports

NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today following the release of the 2016 annual reports of the Social Security and Medicare trustees:
“In today’s reports, once again, the trustees warn us that Social Security and Medicare face serious challenges, and they call on policymakers to act with urgency to shore up these essential programs.
“Unfortunately, the longer we wait, the more difficult the problem becomes. But by acting responsibly and proactively, our leaders can make sensible, gradual and compassionate reforms to maintain these vital programs and secure our economic future.
“The good news is that many solutions are available to put Medicare and Social Security on a sustainable path. In the latest Peterson Foundation Solutions Initiative, five think tanks from across the political and ideological spectrum put forward fiscal plans that include proposals to stabilize Social Security and Medicare.
“The 2016 election is a perfect opportunity for candidates at all levels to put forward solutions to address our fiscal challenges. This is not only necessary to maintain these critical programs, it’s essential for a strong economy in the future.”
For more details, read our analyses of the 2016 Social Security Trustees Report and the 2016 Medicare Trustees Report, or check out our primers on Social Security and Medicare.
Further Reading
Should We Eliminate the Social Security Tax Cap?
There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.
The Fed Reduced the Short-Term Rate Again, but Interest Costs Remain High
High interest rates on U.S. Treasury securities increase the federal government’s borrowing costs.
No Taxes on Tips Will Drive Deficits Higher
Here’s how this new, temporary deduction will affect federal revenues, budget deficits, and tax equity.
 
	 
	