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Coleman Joins Bipartisan Effort To Ensure Strength of Social Security and Medicare Programs

Washington, D.C. Senator Norm Coleman today joined as a co-sponsor to the Social Security and Medicare Solvency Commission Act, which will create a permanent commission to make recommendations to ensure that each entitlement program remains viable into the future. The legislation, introduced by Senators Pete Domenici (R-NM.) and Dianne Feinstein (D-CA), also establishes a fixed timeline for Congressional action on the long-term financial stability of Social Security and Medicare.

Without addressing the current growth rates of entitlement programs like Social Security and Medicare, there is no guarantee that they will be around for future generations to use,” said Coleman. “The President attempts to address this problem in his budget request. However, I don’t believe he has found the right prescription. These programs are a lifeline for many of America’s most vulnerable citizens, and we need to be smart about how we maintain them. For example, we must not zero out rural health initiatives or reduce state flexibility in using these programs. That is why I am supporting this legislation that will not only get every idea out on the table, but also provides a timeline for action. We cannot afford to put this problem on the shoulders of future generations.”

According to reports, Social Security, Medicare and Medicaid costs are projected to account for 19 percent of GDP between now and 2050. This would mean that Congress could eliminate every other government program—including all defense, education, homeland, security and antipoverty programs—but still not have enough to offset the costs of these programs. Raising taxes to offset the costs would result in an increase of $13,457 per household per year.

The longer we wait to solve the inherent fiscal problems in the Social Security and Medicare programs, the more likely it will be that our children and grandchildren will not have access to these beneficial programs,” said Coleman. “We must act now if we expect to ensure the viability of these programs for future generations.” Read more at coleman.senate.gov