What Is the Cost of Social Security and Medicare? NCPA Briefing to Feature Trustee Explaining First-Time Estimates in 2004 Report 3/19/2004
From: Richard Walker or Sean Tuffnell, 800-859-1154, rwalker@ncpa.org, both of the National Center for Policy Analysis News Advisory: An hour after the U.S. Treasury Department officially releases the 2004 Report of the Social Security and Medicare Trustees, the National Center for Policy Analysis (NCPA) will host a Capitol Hill briefing to explain the report's explosive new cost estimates. The briefing, which will be held at 1:30 p.m. in B- 318 of the Rayburn House Office Building, will feature NCPA Senior Fellow and Public Trustee Thomas R. Saving and Deputy Social Security Commissioner James Lockhart. Rep. Jim DeMint (R- S.C.) will provide opening remarks. The briefing will explain several revelations from this year's report, including: -- The total unfunded liability of the new prescription drug benefit is about equal to the total unfunded liability of Social Security. -- The cost estimate is based on the recent projection that the new prescription drug benefit will cost $534 billion over the next 10 years. -- For the first time, the report will calculate costs for the two programs for the "infinite horizon." -- The total unfunded liability of Social Security and Medicare together is projected to be $50 trillion. WHAT: NCPA Briefing: Examining the 2004 Social Security and Medicare Trustees Reports WHO: -- Thomas R. Saving --http://www.ncpa.org/abo/experts/tsaving.html -- Public Social Security and Medicare Trustee, NCPA senior fellow -- James B. Lockhart, III -- Deputy Commissioner, Social Security Administration -- Rep. Jim Demint (R-S.C.) WHEN: Tuesday, March 23 from 1:30 - 2:30 p.m. EST WHERE: B-318 Rayburn House Office Building As seating is limited, please RSVP to the contact listed above. ------ The NCPA is an internationally known nonprofit, nonpartisan research institute with offices in Dallas and Washington, D. C. that advocates private solutions to public policy problems. We depend on the contributions of individuals, corporations and foundations that share our mission. The NCPA accepts no government grants. |