Charles Boustany: “according to Medicare trustees, that program requires an immediate 51 percent cut, a payroll tax increase of 122…”

“according to Medicare trustees, that program requires an immediate 51 percent cut, a payroll tax increase of 122 percent, or a blend of both to keep the program running during the next 75 years. Worse yet, the trustees assume that a separate 41 percent cut in payments for Medicare physician services will happen during the next 9 years. The American Academy of Actuaries reports, without congressional action, Medicare and Social Security will consume up to 80 percent of the Federal budget by 2040. How, then, does a key member of Ways and Means Committee contend that Medicare is already "solvent and sustainable"? Washington needs to pull its head out of the sand. Ignoring Medicare's financial problems will only make the solutions more painful for generations of taxpayers and retirees. And now, the Democrats want to expand SCHIP with questionable means to pay for it. Short of comprehensive reform, Congress should at least make it easier for our shrinking workforce to save for future health care needs, including the rising cost of Medicare premiums. I urge my colleagues to support the Promoting Health for Future Generations Act of 2007, H.R. 2639. Doing so will help the middle class to build a nest egg, while protecting access to affordable health care.”