Senate Finance Committee Chair Ron Wyden, D-Ore., today issued a statement after the Medicare and Social Security Board of Trustees released its annual outlook for the programs:
“The release of the Medicare and Social Security Board of Trustees annual report provides another stark example of how this pandemic has further hurt the American worker and underscored the need to protect health care for the most vulnerable.
“According to the report that came out today, the Social Security trust fund will be depleted a year earlier than last projected. That means workers in the future will take a 25% cut in benefits, even though they’ll still be contributing to Social Security with every single paycheck. And while the projected depletion of the Medicare Trust Fund remains unchanged from last year’s report, this provides cold comfort to the millions of Americans who rely on the Medicare program for their health care.
“Congress must work hand in hand with President Biden to ensure that Medicare and Social Security will keep the promises made to workers, seniors and people with disabilities to ensure a dignified retirement and high-quality health benefits.”