Bipartisan Lawmakers Urge Action to Avert Social Security, Medicare Insolvency

A bipartisan group of lawmakers on the House Budget Committee have urged action to find a solution to the impending insolvency of the Social Security and Medicare programs. According to testimony from the chief actuaries of both the Centers for Medicare and Medicaid Services and the Social Security Administration, the programs will become insolvent in roughly a decade. The public officials testified in a June 13 hearing before the House Budget Committee, highlighting the critical financial challenges facing the growing programs. With approximately 10,000 retirees entering the Social Security program each day due to the retirement of baby boomers, the system is under unprecedented strain. Chairman Jodey Arrington (R-Texas) emphasized the urgency of the situation, noting that without congressional action, Social Security faces insolvency by 2033, and Medicaid would reach the same crisis situation in 2035....