U.S. Senator Mitt Romney (R-UT) today issued the following statement on the annual report released by the Social Security and Medicare Trustees projecting that Social Security will no longer be able to pay full benefits starting in 2034 and Medicare will become insolvent by 2031:
“It is irresponsible and reckless for Washington to continue to ignore the impending insolvency of our federal trust funds. Today’s Social Security and Medicare Trustees annual report makes it perfectly clear: The clock is ticking for us to act.
“Social Security’s old-age trust fund is now projected to reach insolvency one year sooner than last year’s projection and Medicare will reach that point by 2031. That means in 10 years, our nation’s seniors could see an automatic 25% reduction of Social Security benefits and hardworking Americans could face steep tax increases. Allowing Medicare to run dry would result in widespread disruptions to health services across our country.
“Americans are counting on us to come together on a bipartisan basis to save Social Security and Medicare. The unserious proposals and dishonest claims put forth to score political points must stop. The ballooning national debt, out-of-control mandatory spending, and looming insolvency of federal trust funds are interconnected. Congress and the White House must put the games aside and get our fiscal house in order.”