"Continuing on this unsustainable fiscal path will gradually erode, if not suddenly damage, our economy, our standard of living, and ultimately our national security." David Walker, Comptroller General, testimony before the Senate Budget Committee, October 31, 2007.
Our entitlement programs – Social Security, Medicare, and Medicaid -- need fundamental reform. We no longer have the luxury of avoiding difficult tasks in favor of political expediency. The following numbers illustrate the scope of the challenge we face:
This isn’t a problem that economic growth or tax increases can solve. Only real reform will fix this funding gap and save essential and beneficial programs for future generations. But we cannot continue to postpone action. As the saying goes, ‘Facts are stubborn things’, and those facts facing us today tell us that waiting on entitlement reform costs us $2 trillion per year.
For years I have called for fundamental reform. As the principal supporter of the Social Security and Medicare "Lock Box" legislation, I led efforts to stop the raid on the Social Security surplus and raise public awareness regarding the entitlement crisis. Saving Social Security and Medicare is the right thing to do and I believe that, while there is no easy answer, we owe it to the future security and prosperity of our nation to act prudently and quickly. We desperately need the following reforms:
America has reached the tipping point on the entitlement crisis. Our generation stands to be the first that will leave our children with a lower standard of living than we currently enjoy. That's why I intend to continue calling on leaders in Congress to address this challenge to our economic future.
Herger discusses the entitlement reform issues he addresses as a member of the Ways & Means Committee
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