WASHINGTON, D.C. – Today, the 2016 OASDI Trustees Report, officially named the Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, was released, revealing the precarious future of America’s Social Security program.

According to the report, Social Security’s combined trust fund asset reserves will become depleted by the year 2034 and the Medicare Hospital Insurance trust fund will be depleted by the year 2028. 

In an effort to curtail these devastating findings, the Trustees recommend a 21 percent increase in payroll taxes or a 16 percent cut in benefits for all current and future beneficiaries. Either option would significantly hurt hard working American citizens. 

Congressman Sensenbrenner: “The facts revealed in the annual OASDI Trustees Report are troubling, but certainly not surprising, and they show that we cannot kick the can down the road any longer. Every day that goes by, the situation grows worse and will require more drastic changes to the Social Security and Medicare programs. The time to act is now. The health and security of all Americans depend on it.”