Bill Clinton: “Social Security and Medicare October 26, 1999 To the Congress of the United States: I transmit herewith for your…”

“Social Security and Medicare October 26, 1999 To the Congress of the United States: I transmit herewith for your immediate consideration a legislative proposal entitled the ``Strengthen Social Security and Medicare Act of 1999.'' The Social Security system is one of the cornerstones of American national policy and together with the additional protections afforded by the Medicare system, has helped provide retirement security for millions of Americans over the last 60 years. However, the long-term solvency of the Social Security and Medicare trust funds is not guaranteed. The Social Security trust fund is currently expected to become insolvent starting in 2034 as the number of retired workers doubles. The Medicare system also faces significant financial shortfalls, with the Hospital Insurance Trust Fund projected to become exhausted in 2015. We need to take additional steps to strengthen Social Security and Medicare for future generations of Americans. In addition to preserving Social Security and Medicare, the Congress and the President have a responsibility to future generations to reduce the debt held by the public. Paying down the debt will produce substantial interest savings, and this legislation proposes to devote these entirely to Social Security after 2010.…”