Following a meeting of the Social Security and Medicare Boards of Trustees, the U.S. Department of the Treasury-joined by Departments of Health and Human Services and Labor, the Centers for Medicare & Medicaid Services, and the Social Security Administration-released the annual Social Security and Medicare Trustees Reports.
“Social Security and Medicare are vital programs, providing security to retirees and their families,” Secretary of the Treasury Janet L. Yellen said. “Seniors spent a lifetime working to earn the benefits they receive, and the Biden-Harris Administration will continue to oppose cuts to either program. We are committed to steps that would protect and strengthen these programs that Americans rely on for a secure retirement.”
“The Biden-Harris administration has promised to build an economy from the middle out and the bottom up-that includes ensuring that workers and their families can count on the Social Security and Medicare benefits they have earned throughout their lives,” said Acting Secretary of Labor Julie Su. “Over the last three years, near-record job growth has created the economic conditions to strengthen the Trust Funds — proof positive that we’re delivering on our commitment to retirees.”
“The Biden-Harris Administration has left no stone unturned in our efforts to strengthen and preserve Medicare, not just for our parents and grandparents but for our children and generations to come,” said Health and Human Services Secretary Xavier Becerra. “We will continue this work by negotiating the cost of prescription drugs, ensuring no one with Medicare goes bankrupt paying for lifesaving prescription drugs.”
“This year’s report is a measure of good news for the millions of Americans who depend on Social Security, including the roughly 50 percent of seniors for whom Social Security is the difference between poverty and living in dignity — any potential benefit reduction event has been pushed off from 2034 to 2035. More people are contributing to Social Security, thanks to strong economic policies that have yielded impressive wage growth, historic job creation, and a steady, low unemployment rate. So long as Americans across our country continue to work, Social Security can – and will – continue to pay benefits,” said Martin O’Malley, Commissioner of Social Security. “Congress can and should take action to extend the financial health of the Trust Fund into the foreseeable future, just as it did in the past on a bipartisan basis. Eliminating the shortfall will bring peace of mind to Social Security’s 70 million-plus beneficiaries, the 180 million workers and their families who contribute to Social Security, and the entire nation.”
“Medicare provides a crucial lifeline for over 65 million Americans who depend on this vital program for their health care needs,” said CMS Administrator Chiquita Brooks-LaSure. “The Biden-Harris Administration has taken action to reinforce the program and propose enhancements that would extend its solvency while strengthening benefits. We are committed to protecting Medicare now and for future generations.”
The Social Security Report is available here, and the Medicare Trustees Report is available here. A fact sheet summarizing the reports can be viewed here.