Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
Office of the Democratic Whip Steny H. Hoyer
July 28, 2014
Contact: Mariel Saez 202-225-3130
Hoyer Statement on Social Security and Medicare Trustees Reports
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today after the release of the Social Security and Medicare Boards of Trustees reports:
"Today's review by the Social Security and Medicare Boards of Trustees affirms what we already knew. First, efforts to control health care cost growth - including the Affordable Care Act - are working. Medicare Part A's solvency added four additional years, bringing it to thirteen years beyond what was projected before the Affordable Care Act was signed into law. At the same time, the Trustees again report significant but manageable challenges for the long term sustainability of these critical programs as a result of demographic realities and health care utilization trends.
"While it is welcome news that the Medicare Hospital Insurance Trust Fund is now projected to remain solvent until 2030, and the Social Security Trust Fund solvency projection continues through 2033, Congress must continue to seek the bipartisan compromise necessary to prolong their long-term health. Doing so sooner rather than later will provide certainty to American workers and their families that the Social Security and Medicare they are paying into will be there to protect them in the future, while preventing any disruption for the most vulnerable Americans. I will continue to push for measures that promote the fiscal sustainability and long-term viability of these programs, and I hope Democrats and Republicans can work together to achieve that goal."