Sen. Cornyn: Reckless Spending Further Endangers Medicare & Social Security

U.S. Sen. John Cornyn, a member of the Senate Finance Committee, released the following statement on today's trustees report for Social Security and Medicare, which further illustrates the crisis facing these programs and the need for entitlement reform.

"Today's report, troubling as it is, didn't tell us anything that we didn't already know. Medicare, and other entitlements, are on an unsustainable course and in need of drastic rescue efforts. Washington politicians have promised trillions to future beneficiaries of Social Security, Medicare and other entitlement programs with absolutely no idea how to pay for them. Despite the fact that we can't even pay for our current obligations, and the current fragile economy, the Administration is getting ready to spend an additional $1.5 trillion taxpayer dollars for a Washington takeover of health care. We must stop the insanity and implement real solutions to our health care and entitlement crises. Real solutions will require hard choices, but the failure to act now endangers our prosperity and fiscal security," said Sen. Cornyn

Background

In their annual reports released today, the Trustees also project that in just a few years Social Security will begin to pay out more in benefits than it collects in taxes, and that Social Security will go bankrupt four years earlier than projected last year.