Findings

Congress finds the following: (1) Congress must protect the resiliency and longevity of Social Security and Medicare. (2) 71.7 million people receive Social Security benefits and 66.6 million people receive Medicare benefits. (3) Medicare is critical to our elderly and disabled population and their families. (4) Social Security benefits are necessary for our elderly population who already survive on limited budgets. (5) Seniors earn their benefits after contributing their payroll taxes for decades. (6) American workers are contributing with the promise of a financially secure future for themselves and their families. (7) The increased cost of living and record levels of inflation continue to put a financial strain on every American, especially those on Social Security and Medicare. (8) It is necessary to carry out a study to understand how cost of living and inflation projections will affect Social Security and Medicare and to provide recommendations to Congress.