AARP CEO's Letter To Congress About Social Security/Medicare

Jo Ann C. Jenkins, the CEO of AARP, recently wrote an open letter to Congress about Social Security and Medicare. Here is her letter:

November 13, 2023

Dear Representative / Senator:

On behalf of AARP, which advocates for the more than 100 million Americans age 50 and older, we are writing to express our strong opposition to the inclusion of Social Security and Medicare in any fiscal or debt commission.

Social Security is NOT a driver of the annual deficits or national debt. The program is self- financed. It is not financed by general revenue. In fact, more than 90% of Social Security is financed by payroll tax contributions from American workers and employers; around 4% are from federal income taxes on some Social Security benefits; and 5.4% comes from interest earned on U.S. Treasury bonds held by the Social Security Trust Funds. Any argument that claims that Social Security is a driver of the national debt – simply because it receives interest from the U.S. Treasury bonds—is disingenuous. U.S. Treasury bonds are one of the world’s safest investments, backed by the full faith and credit of the United States.

According to AARP research, 85 percent of older Americans, regardless of party, strongly oppose targeting Social Security and Medicare to reduce federal budget deficits. Specifically, the survey found that 88 percent of Republicans, 79 percent of Independents, and 87 percent of Democrats strongly oppose cutting Social Security. Similarly, 86 percent of Republicans, 80 percent of Independents, and 88 percent of Democrats said they strongly oppose cutting Medicare.

Older Americans of all political stripes understand that Social Security and Medicare are essential to their retirement and health security. They have paid into these programs their entire working lives. They have earned those benefits.

AARP calls on Congress to commit that any and all discussions about the future of Social Security and Medicare be done through a fully transparent process. Congress must work through committees of jurisdiction and regular order. If regular order is the gold standard for routine legislative matters, it certainly should be the standard for Social Security and Medicare.

Congress owes it to the American people to be directly accountable and engage in open and public discussions about the programs.

AARP looks forward to working with Congress to find reasonable and responsible solutions to addressing the national debt – that do NOT involve taking any money from the independent Social Security and Medicare Trust Funds.

Sincerely

Jo Ann C. Jenkins