Driving the debate about the need to reform and modernize America’s entitlement programs (especially Social Security, Medicare and Medicaid) is a high priority for the Michigan Chamber.
Each year the Trustees of Social Security and Medicare trust funds report on the current and projected financial status of the two programs. Here are four key findings from the Trustees' 2014 Annual Report: 1) Social Security and Medicare together accounted for 41% of Federal expenditures in fiscal year 2013; 2) Neither Medicare nor Social Security can sustain projected long-run program costs under currently scheduled financing; 3) Legislative changes are necessary to avoid disruptive consequences for beneficiaries & taxpayers; and 4) Social Security’s Disability Insurance (DI) program faces the most immediate financial shortfall with DI trust fund depletion projected in late 2016, just months before the next President of the United States takes office.
This challenge impacts every citizen, the health of Michigan’s economy, and our country’s ability to maintain America’s leadership role in the world economy. We must slow the growth rate of federal entitlement programs before it drives the nation into insolvency, squeezes out funding for every other national priority, and forces massive tax hikes or benefits cuts to the American people.
During the 2015-2016 legislative session, the Michigan Chamber will advocate:
- Actively supporting the U.S. Chamber’s nationwide communications and outreach campaign to alert the business community, general public and news media about the serious financial programs facing federal entitlement programs.
- Practical reforms including: reasonable adjustments in payments, benefit options, eligibility, and efficiencies in administration and overhead.
- Strongly urging all members of Michigan’s Congressional delegation to make this key economic issue a top priority in 2015-16.
Chamber Staff Contact:
President & CEO