Whitehouse Statement on Medicare and Social Security Trustees Reports

Washington, D.C.—Senate Budget Committee Chairman Sheldon Whitehouse (D-RI) issued the following statement after theMedicare and Social Security Boards of Trustees released their annual reports. Due to a stronger-than-expected economy, Medicare can pay full benefits for five more years than previously projected, and Social Security can pay full benefits for one additional year.

“It’s good news that Medicare and Social Security can pay full benefits for longer, but it’s cold comfort to the millions of seniors who are still staring at financial insecurity when these programs become insolvent. Medicare and Social Security are the twin pillars of our retirement security, but today’s report showed that without new revenue, Medicare will cover just 89 percent of scheduled benefits beginning in 2036, and Social Security will cover just 83 percent of scheduled benefits beginning in 2035.    

“After Republicans spent decades trying to cut benefits for seniors, they rose to their feet in acclamation in last year’s State of the Union that they would not cut benefits. If that’s true, the only solution is more revenue.  

“My Medicare and Social Security Fair Share Act would protect full Medicare and Social Security benefits forever by unrigging our tax code.  It’s a win-win: without raising taxes a single penny on those making less than $400,000, we can protect our bedrock retirement programs and honor our promise to older Americans to retire with dignity.” 

The Medicare and Social Security Fair Share Act was originally introduced by Senator Whitehouse and Congressman Brendan F. Boyle (D-PA-02). The Centers for Medicare and Medicaid Services Office found the legislation, which uses the same Medicare revenue proposals as those included in President Biden’s Budget Request for Fiscal Year 2024, would extend the Medicare Hospital Insurance trust fund’s solvency indefinitely. According to the Social Security Administration’s Office of the Chief Actuary, the legislation would also extend Social Security solvency indefinitely.

This Congress, Chairman Whitehouse has held hearings focused on making the wealthy pay their fair share to shore up Medicareand Social Security.