AFL-CIO, retirees’ group view SS, Medicare reports favorably
WASHINGTON, D.C. — The So-
cial Security and Medicare trustees is-
sued their annual reports May 31 on
the state of the two programs’ fi-
nances.
Social Security, according to its
trustees, has a $2.7 trillion surplus,
enough to fully meet the demands of a
growing retiree cohort through 2033
—the same as last year. With no ac-
tion from Congress, it would cover
most benefits through 2087.
The trustees’ report for Medicare
noted that its trust fund, which covers
hospital care, can fully pay benefits
through 2026 — two years later than
forecast last year. The Medicare
trustees’ report shows reduced cost
growth; this is further proof in many
experts’ eyes that health care reform is
working for seniors, said AFL-CIO
President Richard Trumka and Al-
liance for Retired Americans Execu-
tive Director Edward Coyle.
The two organizations issued a
joint statement about the reports.
Their statement reads:
“The most important message from
the 2013 Social Security Trustees Re-
port is that our Social Security system
continues to work for the American
people. After years of economic crisis
for working families, Social Security
is in better shape and more depend-
able than 401(k)s, private pensions, or
any other public or private program.
We must call out those who will try to
misuse today’s report as political
cover for unwarranted and ill-advised
benefit cuts, like switching to the
‘chained CPI’ to calculate Social Se-
curity’s annual cost-of-living-increase
(COLA).
“The truth is that at a time when
America’s retirement income deficit is
estimated to be an astounding $6.6
trillion because too many people have
nothing or too little in pensions or
savings, we cannot afford to cut So-
cial Security’s modest benefits in any
way whatsoever, including how it
keeps pace with inflation through its
annual COLA.
“The report reaffirms that, without
any changes, Social Security can pay
full benefits until 2033 and three-
quarters of benefits after that, un-
changed from last year’s report.
“Social Security provides a critical
base of financial security and dignity
for Americans in retirement or unable
to work due to disability or when a
working parent dies and is survived
by young children. Going forward,
strong economic growth broadly
shared will serve to strengthen the
program further.
“While much might be made of the
projected shortfall in the disability
trust fund, there is a simple step that
should be taken to address any short-
run concerns. As it has done 11 times
before, Congress should reallocate the
income across the two funds.
“The good news from (the)
Medicare Trustees report, extending
the life of the Hospital Insurance trust
fund by another two years to 2026, re-
minds us that we do not have a
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PAGE 10
NORTHWEST LABOR PRESS
Medicare problem. We have a health
care cost problem. Recent reforms
have helped strengthen Medicare and
appear to have contributed to a signifi-
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