Statement from President Joe Biden on the Social Security and Medicare Trustees Reports

Medicare is stronger and Social Security remains strong. As long as I am President, I will keep strengthening Social Security and Medicare and protecting them from Republicans' attempts to cut benefits Americans have earned. Since I took office, my economic plan and strong recovery from the pandemic have helped extend Medicare solvency by a decade, with today's report showing a full five years of additional solvency. My plan would extend Medicare solvency permanently by asking the wealthy to pay their fair share and lowering prescription drug costs. And I am committed to extending Social Security solvency by asking the highest-income Americans to pay their fair share without cutting benefits or privatizing Social Security.

Republicans in Congress have a very different vision. Their budget sides with the wealthy and special interests to cut Social Security by over $1.5 trillion, increase the retirement age, raise prescription drug costs, and transition Medicare to a system that would raise premiums for many seniors. These changes are cruel and unnecessary. I will always fight for America's seniors and prevent Republicans from cutting Social Security and Medicare.

###