The U.S. Department of the Treasury, in collaboration with various government agencies, has recently unveiled the annual Social Security and Medicare Trustees Reports. These reports shed light on the current state and future outlook of the crucial social welfare programs.

Treasury Secretary Janet L. Yellen emphasized the importance of Social Security and Medicare, stating, “Seniors spent a lifetime working to earn the benefits they receive, and the Biden-Harris Administration will continue to oppose cuts to either program.”

Acting Secretary of Labor Julie Su highlighted the administration's commitment to strengthening the Trust Funds, noting, “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.”

Health and Human Services Secretary Xavier Becerra reiterated the administration's dedication to preserving Medicare for current and future generations, stating, “We will continue this work by negotiating the cost of prescription drugs, ensuring no one with Medicare goes bankrupt paying for lifesaving prescription drugs.”

Martin O’Malley, Commissioner of Social Security, shared positive news from this year's report, stating, “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.” He also urged Congress to take action to extend the financial health of the Trust Fund for the benefit of millions of Americans who rely on Social Security.

CMS Administrator Chiquita Brooks-LaSure emphasized the vital role of Medicare in providing healthcare to over 65 million Americans, stating, “We are committed to protecting Medicare now and for future generations.”

The released reports provide valuable insights into the stability and sustainability of Social Security and Medicare, offering reassurance to millions of beneficiaries and workers who rely on these essential programs. The commitment of the Biden-Harris Administration to safeguarding these programs for the well-being of Americans was underscored by the various government officials involved in the release of the reports.