By US Daily Review Staff.
Today’s annual reports from the trustees for Social Security and Medicare showed no improvement in the programs’ fiscal health, according to Congressman Kevin Brady (R-TX).
The Medicare Hospital Insurance Trust Fund, which pays for Medicare Part A, showed no improvement and is expected to exhaust its reserves in just twelve years – 2024 – the same as projected last year.
Social Security, which last year had to borrow $142 billion from investors in China and around the world to pay benefits to America’s elderly, will exhaust its reserves in 2035, a year earlier than projected in last year’s report. Few imagined this year’s prognosis could be much worse than last years. Now there is no question about it.
“Doing nothing ends Medicare and Social Security as we know it for my mom and for yours,” warns U.S. Congressman Kevin Brady, a senior member of the House Committee on Ways & Means and a member of the Social Security panel. “President Obama has done nothing to save these important programs, the Senate the same. Only House Republicans have shown the courage to pass a plan to save Medicare for every generation, young and old.”
“We need a president with the backbone to sit down with Congress and save these programs for every generation once and for all. Act now and we can preserve them; kick the can down the road for more years and it becomes much harder,” added Brady. “With the retirement and health care of our elderly at stake, why wait?”
The President’s health care reform law has done little to make Medicare solvent. “The House has passed a budget with a plan to save Medicare, while ObamaCare begins stripping the program of a half-billion in funding AFTER the November election,” Brady continued. “It’s past time to put these programs on a firmer financial footing, especially as the baby boomers retire and we are all living longer.”
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