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Updated: June 29, 2025
Saving Social Security, Medicare, creating U.S. accounts, this is the right way to use the surplus. If we do so, if we do so, we will still have resources to meet critical needs and education and defense. And I want to point out that this proposal is fiscally sound.
I am carrying out their recommendations in this year's budget. This budget, therefore, for the first time accurately covers all Federal expenditures and all Federal receipts, including for the first time in one budget $47 billion from the social security, Medicare, highway, and other trust funds.
But these cuts do not undermine our fundamental obligations to our parents, our children, and our future, by endangering Medicare, or Medicaid, or education, or the environment, or by raising taxes on working families. I have said before, and let me say again, many good ideas have come out of our negotiations.
I want to emphasize, however, that its full details will have been worked out only after close consultation with congressional, State, and local officials. Starting in fiscal 1984, the Federal Government will assume full responsibility for the cost of the rapidly growing Medicaid program to go along with its existing responsibility for Medicare.
Last year, Medicare, Medicaid, and other new programs that you passed in the Congress brought better health to more than 25 million Americans. American medicine with the very strong support and cooperation of public resources has produced a phenomenal decline in the death rate from many of the dread diseases.
If we work together, we can secure Medicare for the next two decades and cover the greatest growing need of seniors affordable prescription drugs. Third, we must help all Americans from their first day on the job to save, to invest, to create wealth. From its beginnings, Americans have supplemented Social Security with private pensions and savings.
We have struck down legal barriers to equality. We have improved the education of 7 million deprived children and this year alone we have enabled almost 1 million students to go to college. We have brought medical care to older people who were unable to afford it. Three and one-half million Americans have already received treatment under Medicare since July.
Virtually all of this expenditure increase represents the mandatory cost of our defense efforts, $3 billion; increased interest, almost $1 billion; or mandatory payments under laws passed by Congress such as those provided in the Social Security Act that you passed in 1967, and to Medicare and Medicaid beneficiaries, veterans, and farmers, of about $4 1/2 billion; and the additional $1 billion 600 million next year for the pay increases that you passed in military and civilian pay.
Growth of our major health care programs, Medicare and Medicaid, will be slowed, but protections for the elderly and needy will be preserved. Second, we must not relax our efforts to restore military strength just as we near our goal of a fully equipped, trained, and ready professional corps.
The G.I. Bill for workers, tax relief for education and child rearing, pension availability and protection, access to health care, preservation of Medicare and Medicaid these things, along with the Family and Medical Leave Act passed in 1993 these things will help responsible, hard-working American families to make the most of their own lives.
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