Social Security and Medicare

It's been said too many times without being heard-Medicare and Social Security, our country's entitlement programs, are quickly dying.  Without immediate action by Congress these programs will go belly-up in the next few decades, leaving millions of Americans without the Social Security and Medicare benefits they earned through years of hard work.  I firmly believe that deliberate refusal to address the entitlement crisis our country is facing is irresponsible.

According to the Committee on the Budget, even with new tax increases, federal spending at its current rate will outpace federal revenue by steadily increasing amounts over the next several decades.  This problem is mainly due to the federal government's entitlement programs, which are growing at an average 6 percent per year-twice as fast as inflation, and faster than the overall economy.

Among the largest of these entitlement programs are Medicare and Medicaid, which are growing 7 to 8 percent per year. Even if the budget were balanced today, these two programs alone would quickly drive it right back into deficit.  By 2040, three entitlement programs-Social Security, Medicare and Medicaid will consume 20 percent of the nation's economy.  That is equivalent to the cost of the entire federal government today, and it will take twice the current rate of taxes just to maintain the current level of entitlement benefits.  Without reform, these programs will consume over 60 percent of the entire federal budget in less than a decade, and they will keep growing until they crowd out all other spending, including education, science, the environment, agriculture, and even homeland security and defense.
 
I believe Congress has an opportunity to undertake meaningful reform that will help our entitlement programs fulfill their missions for the long haul.  The fate of these programs will be directly tied to the action-or lack thereof-we take on these issues.  I believe American workers and their families have waited too long and worked too hard to pay into these programs for their government to ignore this coming storm.  I believe Congress has a responsibility to address this problem today.  I pledge to work with Democrats and Republicans in Congress to reform Medicare and Social Security to make sure they are around for our children and grandchildren. 

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