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Alliance
for Retired Americans' Coyle says
not to overreact to Trustees Reports
The financial health of Social Security and Medicare has worsened
because of the severe recession, according
to Trustees Reports released on Tuesday.
However, Alliance for Retired Americans
leaders cautioned the public not to panic.
“Putting more Americans back to work will
send more money into these Trust Funds, and
a universal, more efficient health care
system will alleviate the severe strain that
our health care crisis imposes on both
families and employers," said
Edward F.
Coyle, Executive Director of
the Alliance.
“The impact of the recession on the Social
Security and Medicare Trust Funds
underscores the critical need to support
President
Obama’s
plans to reform health care and create a
lasting economic recovery.
“Current and future retirees should be
suspicious of ‘sky is falling’ predictions
of doom for Social Security and Medicare,”
he continued.
“These warnings mask an ongoing ideological
agenda to cut benefits to current and future
retirees."
The trustees of the two programs said that
Social Security will start paying out more
in benefits than it collects in taxes in
2016, one year sooner than projected last
year, and that the Social Security Trust
Fund is solvent through 2037, four years
earlier than projected in 2008.
Medicare trustees said that program would
pay out more in benefits than it collects
this year, and currently has enough funds
through 2017, two fewer years than projected
last year.
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