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Social Security & Medicare
Americans have paid their taxes into the Social Security system in good faith, and they deserve a return on their investment. However, by the year 2018, as the “Baby Boom” generation enters retirement, the program is projected to pay out more in annual retirement than it takes in from Social Security taxes. This would leave future generations with no benefits from a fund into which they poured their hard-earned wages. There are a wide variety of proposed reforms before Congress, including the creation of personal retirement accounts that give citizens control over their own savings.
In its early years, Medicare covered a very limited number of services. Recently, however, Congress has enacted reforms that utilize the free market to enhance Medicare benefits. Senator Hutchison helped pass the Medicare and Medicaid Modernization Act in 2003. This landmark legislation established the first Medicare outpatient prescription drug plan. Since the plan became available on January 1st of 2006, over 2.5 million Texas seniors have signed up.
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