Hoyer Statement on the Social Security and Medicare Board of Trustees Report
For Immediate Release:
June 5, 2018
Contact Info:
Mariel Saez 202-225-3130
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today on the Social Security and Medicare Board of Trustee's Report indicating that Medicare will become insolvent in 2026, and Social Security will become insolvent in 2034:
“It is alarming to learn that Medicare will become insolvent in 2026, just eight years from now and three years earlier than previously projected. These new figures are based largely on two factors: lost revenue to the Medicare program as a direct result of the Republican tax law, and slower long-term economic growth resulting in lower wages. Both speak directly to the failures of Republican economic policies over the last year. It is also deeply concerning that Social Security’s total cost will exceed its total income this year for the first time since 1982, and it is scheduled to become insolvent in 2034.
“When Democrats passed the Affordable Care Act in 2010, we took steps to strengthen Medicare and extend its solvency by eleven years. We are going to keep fighting to protect the Medicare guarantee and ensure that beneficiaries and those nearing retirement can breathe easy knowing that Medicare and Social Security will continue to be available for many years to come. I urge Republicans in Congress and President Trump to cease their efforts to undermine health care in America and work with Democrats to safeguard these programs for the next generation.”
“It is alarming to learn that Medicare will become insolvent in 2026, just eight years from now and three years earlier than previously projected. These new figures are based largely on two factors: lost revenue to the Medicare program as a direct result of the Republican tax law, and slower long-term economic growth resulting in lower wages. Both speak directly to the failures of Republican economic policies over the last year. It is also deeply concerning that Social Security’s total cost will exceed its total income this year for the first time since 1982, and it is scheduled to become insolvent in 2034.
“When Democrats passed the Affordable Care Act in 2010, we took steps to strengthen Medicare and extend its solvency by eleven years. We are going to keep fighting to protect the Medicare guarantee and ensure that beneficiaries and those nearing retirement can breathe easy knowing that Medicare and Social Security will continue to be available for many years to come. I urge Republicans in Congress and President Trump to cease their efforts to undermine health care in America and work with Democrats to safeguard these programs for the next generation.”