Medicare
August 19, 2024
Report Shows Social Security Expansion Remains Affordable
Democrats Have Plans to Further Strengthen Medicare and Social Security
The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding the Trustees reports on the Social Security and Medicare Trust Funds released today:
“Today’s reports show once again that Social Security’s Old-Age and Survivors Insurance (OASI) Trust Fund is strong and solvent, with enough money to cover full benefits and expenses until 2033, the same as reported last year. If no changes are made, the Trust Fund can pay 79% of scheduled benefits.
“Further, the Medicare Part A Trust Fund for hospital care has sufficient funds to cover its obligations until 2036, 5 years later than reported last year.
“Current and future American retirees should feel confident about both Medicare and Social Security, which is stronger due to the robust economy under President Biden. But the future of these earned benefit programs depends on who is elected this fall — both as president and to Congress.
“President Joe Biden’s latest budget calls for strengthening the Social Security Trust Fund, including making the wealthiest Americans pay their fair share into the system and increasing benefits for those who need it the most.
“On the other hand, Republican presidential nominee Donald Trump recently said ‘there is a lot you can do…in terms of cutting’ Social Security and Medicare and is reportedly seeking to defund Social Security by cutting its dedicated revenue. That would be a recipe for disaster.
“The Republican Study Committee (RSC), which includes around 80 percent of House Republicans, stands ready to make cuts as well. Their budget proposal includes $1.5 trillion in Social Security cuts, including raising the retirement age to 69.
“The 4.4 million members of the Alliance and all older Americans have worked too hard for too long to see their Social Security and Medicare taken from themselves and future generations.”
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Contact: David Blank, dblank@retiredamericans.org