March 25,2008

Grassley comment on annual trustees’ report on Social Security and Medicare

M E M O R A N D U M

TO: Reporters and Editors
FR: Jill Kozeny, 202/224-1308 for Senator Chuck Grassley of Iowa
RE: Medicare and Social Security Trustees’ Report
DA: Tuesday, March 25, 2007

Senator Chuck Grassley, Ranking Member of the Committee on Finance, issued thecomment below about the report issued today by the trustees of Social Security and Medicare.

“The trustees’ report sounds an alarm every year. Political leaders fail to respond at theexpense of their grandkids. We know that the sooner Congress acts to address long-termentitlement spending, the better because less drastic measures will be needed. Even so, Congressfailed in recent years to respond to President Bush’s call to strengthen Social Security, andthere’s no indication in this year’s budget resolution or congressional agenda that lawmakers willmake headway in making Medicare or Medicaid more fiscally fit. A lion’s share of federalbudget goes to entitlement programs. If nothing’s done, cash flow is only going to bring in 70percent of benefits. Our grandchildren are going to get 70 percent of benefits, and people myage are going to get 100 percent of promised benefits. That’s why it’s necessary to do somethingand the sooner it’s done, the easier it’s going to be for everybody.”