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.