Gee, the weasel politicians in Washington continue to abdicate their responsibility and keep kicking the can down the road and the Social Security and Medicare insolvency problem keeps getting worse year after year. Go figure.
Social Security and Medicare’s annual checkup found that the entitlement system continues to face long-term financial challenges. The Social Security trust fund is expected to be exhausted in 2036, one year sooner than was projected last year. And the date Medicare’s hospital insurance trust fund is projected to be depleted has advanced up to 2024, five years earlier than in last year’s report. Once those dates pass, there will only be sufficient resources coming in to pay out about 77 percent of scheduled Social Security benefits and 90 percent of retirees hospital insurance costs, unless changes are made to the program.
Read the Medicare trustees’ report:
Social Security Board of Trustees: Projected Trust Fund Exhaustion
One Year Sooner
Outlook Worsening for Social Security, Medicare, Trustees Say
New report warns Social Security, Medicare could run out of money even earlier than feared
Outlook for Social Security, Medicare Poor: Trustees
Medicare could run out of money sooner than previously predicted
Bleaker outlook for Social Security, Medicare
Outlook for Medicare, Social Security worsens
Government: How bad is the news about Social Security?
Medicare and Social Security Trustees report: Capitol Hill reaction
Medicare funds will be depleted in 13 years, report says
And, since we’re already into the 2012 election cycle, I wouldn’t expect Obama or Congress to step up and have the courage to make the hard, politically unpopular decisions that will have to be made in order to put Medicare and Social Security back on the path to solvency. Just look at how Paul Ryan is already being attacked for lucidly speaking truth to the demagogues. And so, next year, there’ll be another report telling us that the insolvency problem for Medicare and Social Security has gotten even worse.
/seriously, you didn’t really think you were going to collect Medicare and Social Security benefits, did you?
Filed under: Blog Entry | Tagged: Advanced, Annual Checkup, Changes, Continues, Depleted, Entitlement, Entitlement System, Exhausted, Expected, Financial Challenges, Hospital Insurance Costs, Hospital Insurance Trust Fund, Insolvency, Insurance Trust Fund, Long-Term, Long-Term Financial Challenges, Medicare, Medicare Trustees, Pay Out, Politicians, Problem, Program, Projected, Report, Retirees, Scheduled, Social Security, Social Security Benefits, Social Security Trust Fund, Sooner, Sufficient Resources, Trust Fund, Washington |