Congresswoman Eddie Bernice Johnson Releases Statement After New Report Projects Medicare to Reach Insolvency 3 Years Earlier than Projected Last Year
Dallas, Texas – Congresswoman Johnson issued the following statement after Trustees of the Social Security and Medicare trust funds released a report indicating Medicare will become insolvent by 2026, three years earlier than projected last year:
“It is a disappointment to learn Medicare will become insolvent three years earlier than projected last year but not a surprise. Today's Social Security and Medicare Trustees reports should not be used as political cover for radical changes that would put our seniors and current and future retirees at risk.
“The 53rd anniversary of President Lyndon Baines Johnson signing Medicare into law will be Wednesday, July 30. As I have said before, I will fight to protect Medicare as long as I breathe, and I will work to find a solution such as the Social Security 2100 Act, of which I am a cosponsor.”
The Social Security 2100 Act provides:
- A tax cut for over 10 million Social Security recipients by raising the threshold on taxation of benefits;
- A benefit bump beginning in 2018 for current and new beneficiaries ($300 annually for the typical retiree);
- Protection for low income workers by raising the minimum benefit from below the poverty line to 25% above; and
- Long term protection against inflation for cost of living adjustments (COLA) by adopting the CPI-E formula.
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