March 31, 2023

Report Shows Social Security Expansion is Affordable

Congress Can Strengthen Medicare and Social Security Without Cuts

“Today’s reports show once again that Social Security’s Old-Age and Survivors Insurance (OASI) Trust Fund is strong and solvent, with enough money to cover full benefits and expenses until 2033, one year earlier than reported last year. If no changes are made, the Trust Fund can pay 77% of scheduled benefits.

“Further, the Medicare Part A Trust Fund for hospital care has sufficient funds to cover its obligations until 2031, three years later than reported last year.

“The Trust Funds are strong because most Americans contribute to them with every paycheck. They could be even stronger if the wealthiest Americans paid their fair share.

“We must strengthen Social Security by lifting the cap on earnings — currently $160,200 — subject to the 6.2% payroll tax.

“President Biden’s budget extends Medicare’s solvency by decades by further lowering prescription drug prices and asking the wealthiest to pay a little more and should be passed by Congress.

“Eighty-eight percent of Americans oppose cuts to Social Security and Medicare. They do not want the government to lower benefits, change the retirement age, or let Wall Street gamble with their guaranteed benefits.

“Older Americans have earned these benefits after a lifetime of hard work and will not allow the rug to be needlessly pulled out from under them, their children, or their grandchildren.”

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Contact: David Blank, dblank@retiredamericans.org