Released the annual Social Security and Medicare Trustees Reports
WASHINGTON – Following a meeting of the Social Security and Medicare Boards of Trustees, the U.S. Department of the Treasury—joined by Departments of Health and Human Services and Labor, the Centers for Medicare & Medicaid Services, and the Social Security Administration— released the annual Social Security and Medicare Trustees Reports.
“The Biden-Harris administration has promised to build an economy from the middle out and the bottom up—that includes ensuring that workers and their families can count on the Social Security and Medicare benefits they have earned throughout their lives,” said Acting Secretary of Labor Julie Su. “Over the last three years, near-record job growth has created the economic conditions to strengthen the Trust Funds -- proof positive that we’re delivering on our commitment to retirees.
“This year’s report is a measure of good news for the millions of Americans who depend on Social Security, including the roughly 50 percent of seniors for whom Social Security is the difference between poverty and living in dignity -- any potential benefit reduction event has been pushed off from 2034 to 2035. More people are contributing to Social Security, thanks to strong economic policies that have yielded impressive wage growth, historic job creation, and a steady, low unemployment rate.
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