Boyle Statement on 2024 Social Security and Medicare Trustees Report
WASHINGTON, DC — Today, the trustees of the Social Security and Medicare trust funds issued their annual reports on the current and projected financial status of the two programs. The report found that the combined OASDI Trust Funds will be able to pay all benefits one year later than previously estimated and the HI Trust Fund will be able to pay full benefits five years longer, driven by a stronger than expected economy. Pennsylvania Congressman Brendan F. Boyle, Ranking Member of the House Budget Committee, released the following statement:
“Social Security is the greatest anti-poverty program in history, and ensuring its solvency for future generations has been one of my top priorities in Congress,” said Ranking Member Boyle. “My legislation with Senator Sheldon Whitehouse, the Medicare and Social Security Fair Share Act, has been verified to extend the solvency of Social Security and Medicare indefinitely without raising taxes on those making less than $400,000 a year. At the same time, my bill honors the commitments in President Biden's budget, which strongly rejects benefit cuts to Social Security while strengthening Medicare.”
“Unfortunately, while Democrats and President Biden want to protect Social Security and Medicare, Republicans have made clear they want to tear them down. The Republican Study Committee's 2025 budget, supported by nearly 80 percent of House Republicans, would cut Social Security for 257 million Americans and end Medicare as we know it. Their plan calls for extending tax cuts for the ultra-rich while raising the retirement age on teachers, nurses, and firefighters. Just as we keep working to strengthen Social Security and Medicare, Democrats will keep fighting back against Republican attacks on the health care and retirement benefits of working Americans.”
Background:
House Republicans have said that their goal is to raise the retirement age for every American 59 and younger. If House Republicans make their plans a reality with the 2025 Republican Study Committee budget, 257 million (3 in 4) Americans would see their Social Security benefits cut. Click here for data from House Budget Committee Democrats showing the impact of these cuts in every state and congressional district.
While Republicans continue to attack Social Security and Medicare, Ranking Member Brendan F. Boyle and Senate Budget Committee Chairman Sheldon Whitehouse have introduced the Medicare and Social Security Fair Share Act. This legislation would extend the solvency of Social Security and Medicare indefinitely by making the nation's highest earners contribute their fair share, as verified by the Chief Actuaries of the Social Security Administration and the Centers for Medicare & Medicaid Services.