Protect Our Seniors Act Would Threaten Trust Fund Solvency and Worsen Deficits

Last week, Senator Rick Scott (R-FL) introduced a bill called the Protect Our Seniors Act that would establish a new Senate rule requiring two-thirds vote for any legislation that would reduce Social Security or Medicare benefits. The bill also rescinds any unobligated IRS operational and enforcement funds from the Inflation Reduction Act to be transferred to the Social Security and Medicare trust funds.

The following is a statement from Maya MacGuineas, Committee for a Responsible Federal Budget:

Social Security is only 12 years from running out of reserves, and Medicare Part A insolvency is only five years away. It’s shameful that the parties are now competing over who can stick their head further in the sand.

It was bad enough when the President called for taking Social Security and Medicare “off the books” at a time when they desperately need saving – now it is actually being suggested we codify that into law? This is an example of how nasty politics leads to terrible policy. This toxic one-upmanship must stop.

Social Security and Medicare need to be reformed. The do-nothing plan is to allow an abrupt, across-the-board cut of up to 25 percent to Social Security benefits and 10 percent to Medicare payments to hospitals, threatening access to care. This is a clearly unacceptable outcome, so what is lawmakers’ plan to prevent it?

It is a shame that politicians and interest groups use the importance of these programs as a way to scare seniors, mount partisan attacks, and raise money. The result is that we fail to fix these important programs and jeopardize those who depend on them.

Furthermore, defunding the IRS will lead to worse service, more tax evasion and larger budget deficits. It makes a bad situation worse, starving the government of needed revenue at the same time that we prevent politicians from enacting spending reforms.

Partisan pandering is truly harming the health of this country.

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For more information, please contact Kim McIntyre, Director of Media Relations, at mcintyre@crfb.org.