Senator Dan Coats (R-Ind.), senior Senate Republican on the Joint Economic Committee, today issued the following statement regarding the latest Social Security and Medicare Trustees report:
“Today’s report is no reason for Washington to pat itself on the back and avoid real action on reforming Medicare and Social Security. The fact remains that mandatory spending is unsustainable. Until Congress and the White House summon the political will to make structural changes to Medicare and Social Security, these programs may not be available for future generations. We shouldn’t wait for the crisis to hit; we should plan to address it now so we are not forced to make drastic and painful changes later.
“I will continue to urge the president to work with Congress on restructuring the health and retirement security programs to ensure these benefits are available for our children and grandchildren. These reforms cannot be accomplished without the president’s engagement and support.”
The Trustees estimated that the Social Security Disability Insurance trust fund will exhaust its reserves in 2016 and the Social Security trust fund that pays benefits to retirees would be exhausted by 2035.
(photo courtesy of http://www.coats.senate.gov)