Senator Dan Coats (R-Ind.) today issued the following statement regarding the latest Social Security and Medicare Trustees report:
"This alarming report is yet another warning that our country is on an unsustainable path. For far too long, Washington has overpromised knowing that it could not deliver forever. Without structural changes to our entitlement programs, Medicare and Social Security will continue on a fast track to bankruptcy. If we don't act and make rational, incremental changes now to our entitlement programs, we will be forced to face more drastic and painful changes later.
"The president needs to step up and quarterback this critical issue, not just shoot down proposals from the bleachers. By restructuring Medicare and Social Security, we can preserve benefits for Americans without bankrupting states and deepening the national debt. The goal is not to undermine these needed benefits; the goal is to be able to offer them for future retirees.
"I hope the president will work with Congress on restructuring entitlement programs to ensure these benefits are available for future generations."
The Trustees found that the Social Security Trust Funds would be exhausted by 2033, three years earlier than they estimated in last year's report. Furthermore, the Disability Insurance Trust Fund will be exhausted by 2016, two years earlier than last year's estimate. The report also estimated that the Medicare Hospital Insurance Trust Fund will become insolvent by 2024.