April 22, 2019

Social Security Trust Fund Stronger than a Year Ago, According to Annual Trustees Report

Making Prescription Drugs More Affordable Would Strengthen Medicare for the Future

The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding the Trustees reports issued today on the Social Security and Medicare Trust Funds:

“Despite unfounded ‘doom and gloom’ forecasts, Social Security is not in crisis. It will continue to be a robust cornerstone of a secure retirement for millions of current and future retirees.

“The Trustees report found that Social Security is even stronger than last year and can cover all payouts and expenses until 2035, a full year later than projected in the 2018 Trustees report.

“If no changes are made, the system will be able to pay retirees 75% of projected benefits after 2035. However, if we remove the cap on earnings subject to Social Security contributions for the wealthiest Americans, we can expand Social Security benefits, provide a more accurate formula for cost-of-living adjustments, and increase the system’s long-term solvency.

“The Trustees also found that the Medicare Trust Fund for hospital care has sufficient funds to cover its obligations until 2026. To help strengthen Medicare, Congress and the Administration should rein in the cost of prescription drugs, which is a significant driver of health care costs. There is no reason that American consumers and taxpayers should continue to pay the highest prices in the world for medicines.

“Americans have earned their Social Security and Medicare benefits through a lifetime of hard work. We can best support current and future generations as they retire if we take common-sense steps today.”

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Contact: David Blank –  dblank@retiredamericans.org

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