John Kerry on 2007 Trustee Report on Social Security and Medicare

Today, the Social Security Administration released their annual Report on Social Security and Medicare.

John Kerry, Chair of the Finance Subcommittee on Social Security, Pension and Family Policy, released the following statement on the 2007 Trustee’s Report on Social Security and Medicare:

The Trustee’s projections show that the Social Security Fund will be exhausted in 2041 and the Medicare Trust Fund in 2019 – each one year later than the projections in last year’s reports. Both reports prove the continued need for bipartisan moves in Congress to strengthen these vitally important programs in the long-term. The report also shows that Social Security remains sound for decades and proves there is no need to privatize Social Security.

“The Trustee’s report is a crystal clear message that any moves to privatize social security wouldn’t just hurt this program for our seniors, but are also completely unnecessary,” Senator Kerry said. “The report shows that Medicare’s long-term viability is an urgent priority, but doesn’t justify the arbitrary cuts to the program designed by the previous Republican Congress. We must not make reckless cuts to the program, but instead combat skyrocketing costs throughout our health care system and make responsible investments in Medicare. I look forward to working with my colleagues to achieve broader prevention and disease management services that increase quality for patients and decrease costs over time.

“We will work in our new Democratic Congress in a bipartisan manner to strengthen Social Security and Medicare, invest in their long term strength, and fight any moves to privatize and endanger these compacts with seniors who have worked a lifetime,” Kerry added. “Social Security and Medicare have for decades kept faith with our bedrock American values by protecting our seniors from falling into poverty and keeping retired Americans and their families healthy and secure.”

The full report from the SSA is available here.