Romney Statement on Report Projecting Social Security, Medicare Insolvency

Renews Call for Congress to Pass TRUST Act to Rescue These Endangered Trust Funds

SALT LAKE CITY—U.S. Senator Mitt Romney (R-UT) today issued the following statement on the annual report released by the Social Security and Medicare Trustees projecting that Medicare will become insolvent by 2026 and Social Security will no longer be able to pay full benefits starting in 2035. To address these financial challenges, Senator Romney introduced the TRUST Act, bipartisan and bicameral legislation that would create congressional committees specifically tasked to develop legislation to restore and strengthen endangered federal trust funds.

“The Social Security and Medicare Trustees annual report released today outlines a disturbing reality—Medicare Part A’s trust fund will become insolvent in the next six years and Social Security’s old-age trust fund will be in the same boat by 2035. These projections do not incorporate the impact of COVID-19, which will impose even further financial pressure these programs.

“When these trust funds run dry, seniors could face dramatic cuts to their benefits, American workers could face a steep tax increase, or we could add trillions onto our already enormous debt. Once we overcome the current crisis and the economy has returned to normalcy, addressing the looming insolvency of our federal trust funds must be at the top of Congress’s legislative agenda.

“Americans are counting on us to come together on a bipartisan basis to save Social Security and Medicare. I urge my colleagues to join me in that effort by cosponsoring the TRUST Act to put a bipartisan process in place to rescue these important programs before it is too late.”