The United States' largest publicly funded medical insurance program will run out of money sooner than expected, according to an official projection released on Tuesday.
The trustees forecast that 100% of benefits will be covered through 2034, after which the trust funds for Social Security, which also cover old age and disability insurance programs, will only be able to cover about 79% of benefits. For example, fewer new disability claims have been registered in recent years than previously expected, so the Social Security trust fund for that portion of the program will not be depleted until 2032, rather than 2028. Social Security's cost has exceeded its non-interest income since 2010. The average monthly payment is $1,294 for all beneficiaries.
When, inevitably, the United States does not grow its way out of this problem, revenue will have to be raised, and Social Security and Medicare may face sudden, sharp cuts along with other worthy programs: defense, research, infrastructure. If Americans understood that there were no "trust funds" and that the programs are merely unfunded liabilities, they would understand that the true national debt is approaching a staggering $100 trillion.
More than 60 million Americans benefit from both programs, which provide a guaranteed income and healthcare for many retirees and the disabled.
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This year, she was two points from defeat in the third round against Camila Giorgi of Italy before turning that match around. Open", said Stephens , whose late father, John, was the 1988 NFL Offensive Rookie of the Year with the New England Patriots.
"Social Security continues to serve as the cornerstone of retirement for millions of individuals and families around the country, including thousands in Hawaii who rely on the program every day to survive", Senator Hirono said. Medicare is widely seen as a more hard problem that goes beyond the growing number of baby boomers retiring.
A new report is heightening concerns about the financial future of Medicare.
Democrats want to expand the safety net by spending more on health care and education.
Higher deficits would leave less maneuvering room for policymakers when the day of reckoning finally arrives for Social Security and Medicare. Social Security and Medicare probably will never run out of money, in the sense that no Congress or president would let benefit checks be cut. But now that Ryan is leaving Congress, it's unclear who will take up the mantle for budget hawks. Their formula is likely to involve tax increases to help keep the programs solvent.