Greetings,
This week, trustees who are in charge of the forecast for Medicare, Medicaid and Social Security released disturbing new reports about the future viability of these programs.
The report on Social Security indicated that reserves for the program will be exhausted by 2033, 3 years sooner than last estimated. The Medicare report found the same thing as last year's report. Medicare will be insolvent by 2024. This dismal forecast is predictable when there has been no meaningful action by the Senate or the President.
The trust funds are essentially budget ledgers that show the difference between how much has been paid into the programs through tax revenue and how much has been paid out of the programs through benefits. Once a trust fund is exhausted, the government is required by law to only pay a portion of the benefits out to recipients. That would lead to a steep cut in benefits for many people who depend on the program.
Despite this news, President Obama's HHS Secretary, Kathleen Sebelius, said the report "confirms that Medicare is in a much stronger position than it was a few years ago without the Affordable Care Act."
I have no idea what she's talking about. The president's health care law raided Medicare by $500 Billion to help pay for the trillion-dollar takeover of our health care system.
These forecasts underscore the need for prompt action, which we Republicans continue to discuss candidly. Congress can no longer kick the can down the road. Doing nothing is a sure path to insolvency.
While the Senate and the President seem content to do nothing, I am not. We must tackle our struggling entitlement programs and be realistic if we want to have a shot at preserving and protecting them. The longer we wait, the harder it gets to reform. That's why I am a proud supporter of the Path to Prosperity.
The Path to Prosperity will:
Put our financial house in order and reduce federal spending by more than $3 Trillion relative to President Obama's budget.
Reduce the size of the federal bureaucracy; In fact it will reduce government by 20% by 2015.
Restore Obamacare's $500 Billion in Medicare cuts and strengthen and preserve the program for future generations.
Stop President Obama's job-destroying tax increases.
I am committed to working hard on solutions such as The Path to Prosperity and others in order to right the ship.
Please don't hesitate to reach out to me or my team with any questions, comments or concerns. Also, if you do not already, please consider following me on Twitter and Facebook to stay connected to my daily work in Washington. I am here to serve you!
Sincerely,
Mike Pompeo
Member of Congress