Washington – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today after the 2019 spring meeting of the Social Security and Medicare Board of Trustees:
“I appreciate the productive meeting today with members of the Boards of Trustees for Social Security and Medicare on their annual financial reviews. I would like to thank Chief actuaries Stephen Goss and Paul Spitalnic for their dedication and commitment to these reports, and ultimately, our country.
“Both the Medicare and Social Security programs remain secure as the financial outlook for both is not materially different from last year’s outlook. The Social Security Disability Insurance program has been extended by 20 years to 2052 as a result of a relatively modest improvement in the program’s expected cash flows. The Medicare Hospital Insurance program remains on track to meet its obligations to beneficiaries through 2026. The Social Security Old Age and Survivors Insurance program is projected to pay full scheduled benefits through 2034.
“Millions of Americans rely on Social Security and Medicare, and they account for the two largest programs administered by the federal government. We remain committed to further bolstering the programs’ finances, which will benefit from the long-term growth we will see as a result of the Administration’s economic policies. We are leaving behind the flat economic growth policies of recent years, which, in addition to an aging population, has contributed to the projected financial deficiencies for both Social Security and Medicare.”