Washington, D.C. - Congressman Adrian Smith (R-NE) today issued the following reaction after the release of the Social Security and Medicare Trustees Report.
"Today’s report confirms we must take steps now to strengthen these vital programs. Without action, current and future beneficiaries will face significant cuts even sooner than previously estimated. Now is the time to work together to correct the unsustainable path of these programs."
The report released today said Medicare and Social Security programs are running out of money more quickly than anticipated in the 2010 Trustees Report. The 2011 Trustees Reports say the Medicare trust will be exhausted in 2024, not 2029 as estimated last year, and the Social Security trust funds will run out of funds in 2036, not 2037 as previously thought.
The Trustees are made up of the Secretary of the Treasury, Secretary of Labor, Secretary of Health and Human Services, Commissioner of Social Security, and two Senate confirmed public trustees appointed by the President.
The Trustees issue an annual report, conducted by nonpartisan actuaries at the Social Security Administration and Centers for Medicare and Medicaid Services, estimating future financial obligations and revenues of the programs, including the value of each program’s trust fund.
Smith serves on the Committee on Ways and Means, which has jurisdiction over Medicare and Social Security.
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