At an event hosted by the American Action Forum, House Budget Chairman Tom Price warned of the need for long-term reform to Medicare, Medicaid, and Social Security:
The danger to beneficiaries is not coming from those of us trying to improve the programs; it is coming in a few short years when Medicare and Social Security go bankrupt. Or, for those on disability insurance, as soon as next year. By the time a child born today is able to vote, the Social Security trust fund will be insolvent. When today’s preschooler enters college, the Medicare trust fund will be insolvent.
Price has pointed out that while entitlement reform has been thought of as the “third rail” of politics, the Romney-Ryan ticket actually won seniors in 2012 after Ryan proposed a voucher-like premium support program for Medicare.
The congressman said there is a lack of urgency across the country as well as among political leaders to take action. To begin drawing more attention to the looming insolvency of these programs, he launched a project asking Americans to submit proposals to reform entitlement programs.
While Price is waiting to hear from the public before proposing legislation, he has released a budget blueprint that includes converting Medicaid into block grants to the states and a premium support system for Medicare. He has also suggested a bipartisan commission to study Social Security’s long-term insolvency and submit proposals to Congress for the purpose of resolving the issue.
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