Today, Ways and Means Chairman Dave Camp (R-MI), Health Subcommittee Chairman Kevin Brady (R-TX) and Social Security Subcommittee Chairman Sam Johnson (R-TX) made the following statements upon the release of the 2013 Medicare and Social Security Trustees Report. According to the report, at the current rate Medicare will go bankrupt in 2026 and Social Security will not be able to pay full benefits in 2033.
Camp: "These programs face great challenges, and addressing these challenges requires that we work together. With more than 10,000 Baby Boomers becoming eligible for benefits each day, this Committee has been examining bipartisan reforms to protect and preserve these programs. It is our responsibility to make sure Medicare and Social Security provide current seniors and future beneficiaries the security they earned and deserve."
Brady: "This report confirms what Republicans have been saying for some time, doing nothing is not an option. Seniors deserve to know that Medicare is there for the long haul. This Committee has been working hard to address the urgent need for a permanent solution to pay local doctors fairly so they can continue to treat our seniors, and bipartisan improvements to strengthen Medicare."
Johnson: "This report makes it clear, when today's 47-year-old workers reach their full retirement age in 2033, they, and everyone else already receiving benefits, face a 23 percent benefit cut unless Congress does its job. The sooner we act the sooner we can protect those who are most vulnerable and find answers that are fair to all generations. This Committee has already held two hearings on bipartisan proposals to strengthen Social Security. When we agree we should and we must act."