WASHINGTON, D.C. – U.S. Representative Walter B. Jones (R-NC) today reacted to the release of the 2009 Social Security and Medicare Trustees Report. The report indicates that Medicare will be insolvent by 2017, two years earlier than the date projected in last year’s report, and the Social Security trust fund will be depleted by 2037, four years sooner than projected.

Congressman Jones’ statement on the report follows below:

“While this year’s trustees report should come as no surprise, the state of Social Security and Medicare financing should be cause for great concern. The report indicates that Social Security will start paying out more in benefits than it collects in taxes in 2016, and Medicare’s condition is even worse – it will pay out more in benefits than it collects this year.”

“The Obama administration’s unprecedented, massive deficit spending will make it even harder to deal with these issues. The federal debt is $11.3 trillion and this administration will add another $1.84 trillion to that this year. Almost one-third of every dollar this government spends is borrowed money, and most of that is from nations like China. If this government doesn’t wake up quick, one day soon we may see this government begging China for money to fund Social Security and Medicare too.”

To view a summary of the report, visit: http://www.ssa.gov/OACT/TR/.