July 28th, 2014
Today’s reports from the Social Security and Medicare Trustees have good news for all Americans: Social Security and Medicare will be there for us and our families if elected leaders listen to the American people and reject calls to cut benefits. Instead of undermining these crucial programs, we must build on their success and adopt measures to strengthen and expand them.
The Trustees’ reported improvements for Medicare are a positive development for anyone who pays for health care, because they are driven by expected slower growth in health spending in the short run. This reminds us that we have a health care cost problem, not a Medicare problem. Strengthening Medicare for the long run means bringing health care cost growth under control throughout our economy.
America’s most important retirement program will remain strong for many more years to come, unchanged from last year’s report. It has become increasingly clear, however, that strengthening Social Security for the future must include improvements in benefits. Social Security remains the sole retirement income plan that is broadly available and that Americans can count on to provide secure lifetime benefits.
The Social Security Trustees reported once again that the Disability Trust Fund can pay full benefits until 2016, with enough revenue after that time to cover about 80 percent of promised benefits. Congress should act soon to ensure disabled workers and their families will continue to receive the benefits they have earned. This can be done by allocating a larger share of current payroll tax contributions to the Disability program, as has been done many times before. Congress should reject calls to misuse this opportunity to undermine the sole source of disability income protection that is working well for America’s families.