Senator Bob Corker, R-Tn., said the annual reports from the Trustees for Social Security and Medicare out on Monday demonstrate the urgency for reform of both Social Security and Medicare. The reports indicate the Social Security Trust Fund will run out of money in 2033, three years earlier than projected last year, and the Medicare Hospital Insurance Trust Fund will run out of money in 2024.
He said, “Today’s reports confirm what we all know but Washington has been ignoring for years: Congress must act to reform and restore solvency to Social Security and Medicare and put our country on a path to fiscal sanity. Bold entitlement reform combined with long-term deficit reduction and pro-growth tax reform that lowers rates across the board will cause the economy take off. I will continue working with my colleagues in both parties toward that end."