Presently, Social Security benefits are secure through approximately 2033, which puts it on better footing than Medicare, but we must take serious steps to shore up both. These programs are contracts with working families and have been a crucial part of protecting the middle class. They have lifted millions of seniors out of poverty and helped take care of our parents and grandparents who worked their entire lives to make our country better. We must take the steps necessary to protect these programs for future generations.
As for Medicare, the Affordable Care Act already was able to find more than $700 billion in savings by reducing overpayments to hospitals, detecting fraud, and streamlining administration. But we must continue to look for savings opportunities. First and foremost, we must allow for Medicare to negotiate with big pharmaceutical companies, just like the VA is able to do, which would save approximately $25 billion annually.