|Social Security provides critical financial support to more than 56 million beneficiaries, including widows and those with disabilities. Social Security is funded by the payroll taxes of current workers to pay the benefits of current retirees. The Social Security Board of Trustees estimates that by about 2035 the Social Security Trust Fund will be depleted. When that happens, beneficiaries could face a painful 23% benefit cut.
Medicare is the cornerstone upon which all other government health programs rest. In their most recent report, the Medicare Trustees projected that the account that funds Medicare’s hospital benefit will go bankrupt by about 2024.
I’ve long supported responsible reforms that preserve Medicare and Social Security benefits, while ensuring that our Nation’s seniors continue to be protected. The reforms I support don’t touch benefits for middle-class seniors currently benefiting from Social Security; however, in order to keep our promises to current and future generations regarding their health and retirement security, comprehensive reforms must be enacted to protect these programs.