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Remarks Prepared for Delivery By
U.S. Secretary of Labor Elaine L. Chao
Social Security and Medicare Trustees Board Press Briefing
Tuesday, March 25, 2008
Today’s report reminds us, once again, that action needs to be taken to ensure that the retirement security promises made to America’s workers are kept.
This is especially true for Medicare. Medicare already spends more than it collects in payroll taxes and premiums, and in just nine years, Social Security payments will exceed payroll taxes.
Projected Medicare costs remain understated due to a continuing disagreement with Congress over the necessity to reduce physician fees. So for the third year in a row, Medicare is estimated to receive more than 45% of its funding from general revenues within the next seven years. This will trigger a Medicare funding warning in this year’s report, as it did last year.
The President has submitted to Congress proposed legislation to address this issue, which is currently under consideration by Congress. We must all work together to find solutions to ensure that America’s workers will continue to be able to count on these programs, especially in today’s challenging environment.
Thank you.
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