Report Shows Medicare Will Become Insolvent Sooner Than Expected

May 13, 2011

On Friday, the Trustees of Medicare issued their annual report, warning again of the program’s major financial shortfalls. The report shows that Medicare will become insolvent even sooner than expected. I delivered the following response during a radio address later that afternoon. 

"Today's report is another stark reminder that Congress’ failure to move forward with reforming our current entitlement programs will only lead to insolvency and unfulfilled promises. That is not the United States I know and love.

“We need to make sure there are appropriate reforms made to Medicare to ensure our aging populations will have health and retirement security and the peace of mind that accompanies both. A failure to act means that those who have spent their lives budgeting for their golden years will face drastic cuts even sooner than previously estimated.

“To the President and some of my colleagues in the House and Senate that have asserted that  honest proposals to reform Medicare and preserve its benefits are in some way attempting to end it, I say, now is not the time for partisan bickering.  Now is the time for leadership.

“Now is the time for serious action to avert bankruptcy for these critical entitlement programs so that we can fulfill the promises made to our seniors and protect health and retirement security for all Americans. The people deserve as much.”