The warning signs are right before our eyes. Out-of-control federal spending is threatening to bankrupt the health and retirement security programs depended on by seniors in Indiana and millions of Americans across the country.
The non-partisan Congressional Budget Office projects that Medicare Part A will be bankrupt in 2026 and the Social Security Trust Funds will be exhausted by 2030 if Congress takes no action. As a result, Social Security beneficiaries will face an automatic cut of 29 percent in benefits.
Given this reality, inaction is not a viable solution. If policymakers fail to make necessary reforms today, more drastic and painful changes will be forced upon us down the road.
The good news is there is still time to do the right thing. I believe smart reforms to federal spending can be made that preserve benefits for current enrollees and those approaching retirement age.
I recently introduced a new proposal to address our fiscal challenges and make structural changes to the way your taxpayer dollars are spent. My bill, the Mandatory Bureaucratic Realignment and Consolidation Commission Act, is based on a model that the Defense Department has used successfully for years.
(Dan Coats R-IN)