Revised numbers: social security and medicare both now go broke three years sooner.

Now 2033. Lots more if you hit the link.

WASHINGTON (AP) — The go-broke dates for Medicare and Social Security ‘s trust funds have moved up as rising health care costs and new legislation affecting Social Security benefits have contributed to earlier projected depletion dates, according to an annual report released Wednesday.

The go-broke date — or the date at which the programs will no longer have enough funds to pay full benefits — was pushed up to 2033 for Medicare’s hospital insurance trust fund, according to the new report from the programs’ trustees. Last year’s report put the go-broke date at 2036.

Meanwhile, Social Security’s trust funds — which cover old age and disability recipients — will be unable to pay full benefits beginning in 2034, instead of last year’s estimate of 2035. After that point, Social Security would only be able to pay 81% of benefits.

The trustees say the latest findings show the urgency of needed changes to the programs, which have faced dire financial projections for decades. But making changes to the programs has long been politically unpopular, and lawmakers have repeatedly kicked Social Security and Medicare’s troubling math to the next generation.

 


Comments

2 responses to “Revised numbers: social security and medicare both now go broke three years sooner.”

  1. Politicians are always talking about having the rich pay their fair share. Th fix for Social Security is quite easy. Just remove the cap on earnings and there will be plenty of funds for a long time.

  2. tom faranda Avatar
    tom faranda

    I’ve seen that suggested but never saw any numbers? Do you have numbers or a website with the analysis. I suppose I could do it with an AI program myself…
    The SS tax is capped at 168,000 of income so presumably the tax would go on all income but the benefits capped at 168K with an inflation adjustment annually…

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