U.S. Senators Mike Crapo (R-ID) and Todd Young (R-IN), along with other Republicans from the Senate Finance Committee, would like an update on the status of the Social Security and Medicare trust funds.
In a letter to US Treasury Secretary Janet Yellen, the group said that although these reports should be released annually before April 1, the last year that the statutory reporting deadline was met was 2008. The reports are crucial to Congress for decision-making. said the group.
“Congress continues to make important decisions regarding fiscal spending and long-term outlays through the current budget window (2022-2031),” the group wrote. “Either through reconciliation or regular order, there is every expectation that Congress will consider additional health-related legislation this year. Before Congress debates additional legislation that affects either the Medicare or Social Security programs, it is imperative that politicians have accurate and timely information on the financial operations of these critical safety net programs.To exacerbate this problem further, since 2016, no public administrators have been confirmed to act as public voices in communicating the state of the trust funds to the US public. Refusing to allow public trustees to participate in the report development process effectively denies the American people a voice when it comes to Social Security and Medicare. “
In 2021, the group said, the report was not delivered until August 31st. The group further said that while the Government Accountability Office (GAO) has made recommendations in recent years, they have not been fully incorporated into the process of developing the reports. . Trustees had overlooked their statutory deadline 17 of the last 25 years, GAO said.
Senators asked Yellen to provide the committee with an update on the 2022 report and when she expected it to be released, as well as the log of working group announcements to Congress on report timing over the past year and any explanation of how she intends to change things so that they comply with the notification guidelines.