WASHINGTON (PRWEB) June 04, 2013
On Friday, the Social Security and Medicare Trustees released their annual reports with projections of the finances of both programs. According to a New York Times story published on May 31, the reports showed the financial outlook for Medicare has improved and the financial condition of Social Security has not worsened, but is still unsustainable.
The Campaign to Fix the debt, a non-partisan movement to put America on a better fiscal and economic path, weighed in on the analysis noting that the nation’s ever-more-costly entitlement programs will need to undergo real reforms in order to be solvent for those who need them most in the generations to come.
“Though there is some good news in the reports – such as a reduction in health care cost growth leading to a two-year delay in Medicare’s date of insolvency, from 2024 to 2026 – the truth is the longer we wait to adjust these programs, the more drastic changes will have to be, be they tax increases, benefit cuts, or both.”
“The Social Security program is still set to become insolvent in 2033, a year in which, if no changes are made, all beneficiaries are set to receive an immediate 23 percent cut to their benefits,” said Maya MacGuineas, who, in addition to leading the Campaign to Fix the Debt is the President of the Committee for a Responsible Federal Budget, a bipartisan organization focused on educating the public on issues related to fiscal policy.
“These reports are just another indication of how important it is for President Obama and Congress to work together on a comprehensive deficit-reduction plan, one that will cut wasteful and low-priority spending, overhaul our outdated tax code, and, most importantly, reform our entitlement programs so they will last for future generations.”
The Campaign to Fix the Debt is working with both parties on a deal to protect and strengthen the nation’s entitlement programs on which so many Americans rely. The Campaign is composed of individuals from different social, economic and political perspectives who are united by a common belief that America’s growing federal debt threatens the future of the country and must be addressed.
For more information about the Campaign to Fix the Debt, please visit http://www.fixthedebt.org