Coats Notes: Action Needed on Medicare, Social Security

Senator Dan Coats
2013-06-07 18:24:37
<iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/co ats_topbanner.jpg> Dear Friend, Thank you for signing up to receive my email newsletter. These newsletters will cover a variety of topics, including events happening in Indiana, legislation being considered in Congress, and my perspective on current issues. My hope is to keep you updated and informed on how issues in Washington may impact Hoosiers. I welcome your feedback. Thanks for reading, Dan Coats _____ Action Needed on Medicare, Social Security <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2fyoutu. be%2fWvazXYOBqz0> <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2fwww.yo utube.com%2fwatch%3fv%3dJXA-HoaCiCA%26amp%3bfeature%3dyoutu.be> The Social Security and Medicare Trustees issued the annual report last week on the long-term financial status of these health and retirement security programs. Some in Washington celebrated this report because it announced that Medicare's financial outlook improved slightly, extending the program's trust fund until 2026 - years beyond what it forecasted last year. This celebration, however, is misguided. In no way does this report indicate that our nation's fiscal problems are solved. Social Security remains in dire shape for future generations. The Trustees estimate that the Social Security Disability Insurance trust fund will exhaust its reserves in just three years and the Social Security trust fund that pays benefits to retirees would be exhausted by 2033. The majority of federal government spending stems from costs associated with Medicare, Social Security, Medicaid and interest on the national debt. The non-partisan Congressional Budget Office reported earlier this year that spending on programs like these and interest on the debt will consume 91 percent of all federal revenues in 10 years. That means that all other spending priorities will be squeezed. Spending on defense, education, infrastructure and bridges, medical research, food and drug safety, homeland security and border security and many other programs will continue to face constrained and limited funds until Washington addresses the unsustainable mandatory spending on Medicare, Medicaid and Social Security. Without action, mandatory spending is projected to nearly double from 10.3 percent of the economy in 2010 to 19 percent in 2050. If we don't take steps to reform these programs today we risk not only bankrupting our country, but also losing the ability to provide the benefits of these programs to millions of Americans. Until Congress and the White House summon the political will to make structural changes to Medicare and Social Security, these programs will continue to strain our federal budget, jeopardize other programs and in the end may not be available for future generations. We shouldn't wait for the crisis to hit; we should plan to address it now so we are not forced to make drastic and painful changes later. It would be foolish to sit back and avoid addressing this looming storm. We have seen the warning signs for several years. I will continue to urge President Obama to work with Congress on restructuring these health and retirement security programs to ensure benefits are available for our children and grandchildren. These reforms cannot be accomplished without the president's engagement and support. Click here <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2fwww.yo utube.com%2fwatch%3fv%3dJXA-HoaCiCA> or above to watch me discuss this issue on the Senate floor. Coats in the News Indiana's News Center: Gas prices approaching all-time high in Fort Wayne <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2fwww.in dianasnewscenter.com%2fnews%2flocal%2fGas-Prices-Hit-All-Time-High-In-Fo rt-Wayne-210245241.html> WLFI Lafayette: Senate set to vote on Farm Bill <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2fwww.wl fi.com%2fdpp%2fnews%2fsenate-set-to-vote-on-farm-bill> WNDU South Bend: Senator Dan Coats speaks about the IRS scandal <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2fwww.wn du.com%2fnews%2fheadlines%2fSenator-Dan-Coats-speaks-about-the-IRS-scand al-210293711.html%3fref%3d711> WSJV Elkhart: FOX28 talks to Sen. Dan Coats <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2fwww.fo x28.com%2fstory%2f22513541%2f2013%2f06%2f05%2ffox28-talks-to-sen-dan-coa ts> _____ Stay Connected <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2fwww.fa cebook.com%2fpages%2fSenator-Dan-Coats%2f180671148633644> <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2ftwitte r.com%2fSenDanCoats> <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2fwww.yo utube.com%2fSenatorCoats> _____ <iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/co atswithhoosiers.png> In the D.C. office with several constituents who visited from Indianapolis. To unsubscribe please Click Here <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2fcontact%2fnewsletter%2funsubscribe> Contact Me <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2fcontact%2f> Latest News <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14519.9949204.5324345.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2f> <iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/iq trk.gif?crop=14519.9949204.5324345.7189397>
 

Dear Friend,

Thank you for signing up to receive my email newsletter. These newsletters will cover a variety of topics, including events happening in Indiana, legislation being considered in Congress, and my perspective on current issues. My hope is to keep you updated and informed on how issues in Washington may impact Hoosiers. I welcome your feedback.

Thanks for reading,
Dan Coats



Action Needed on Medicare, Social Security

 
 
The Social Security and Medicare Trustees issued the annual report last week on the long-term financial status of these health and retirement security programs. 

Some in Washington celebrated this report because it announced that Medicare’s financial outlook improved slightly, extending the program’s trust fund until 2026  years beyond what it forecasted last year. This celebration, however, is misguided. In no way does this report indicate that our nation’s fiscal problems are solved.

Social Security remains in dire shape for future generations.  The Trustees estimate that the Social Security Disability Insurance trust fund will exhaust its reserves in just three years and the Social Security trust fund that pays benefits to retirees would be exhausted by 2033.

The majority of federal government spending stems from costs associated with Medicare, Social Security, Medicaid and interest on the national debt. The non-partisan Congressional Budget Office reported earlier this year that spending on programs like these and interest on the debt will consume 91 percent of all federal revenues in 10 years.

That means that all other spending priorities will be squeezed. Spending on defense, education, infrastructure and bridges, medical research, food and drug safety, homeland security and border security and many other programs will continue to face constrained and limited funds until Washington addresses the unsustainable mandatory spending on Medicare, Medicaid and Social Security.

Without action, mandatory spending is projected to nearly double from 10.3 percent of the economy in 2010 to 19 percent in 2050.

If we don't take steps to reform these programs today we risk not only bankrupting our country, but also losing the ability to provide the benefits of these programs to millions of Americans.

Until Congress and the White House summon the political will to make structural changes to Medicare and Social Security, these programs will continue to strain our federal budget, jeopardize other programs and in the end may not be available for future generations. We shouldn’t wait for the crisis to hit; we should plan to address it now so we are not forced to make drastic and painful changes later.

It would be foolish to sit back and avoid addressing this looming storm. We have seen the warning signs for several years. I will continue to urge President Obama to work with Congress on restructuring these health and retirement security programs to ensure benefits are available for our children and grandchildren. These reforms cannot be accomplished without the president’s engagement and support.

Click here or above to watch me discuss this issue on the Senate floor.

 

 Coats in the News

Indiana's News Center: Gas prices approaching all-time high in Fort Wayne 

WLFI Lafayette: Senate set to vote on Farm Bill

WNDU South Bend: Senator Dan Coats speaks about the IRS scandal

WSJV Elkhart: FOX28 talks to Sen. Dan Coats 

     

   


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In the D.C. office with several constituents who visited from Indianapolis. 

 

   

 

 

 

 

 

 

 

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