Posted on 06/05/2018 6:20:11 PM PDT by Theoria
Aging population is boosting the costs of Social Security and Medicare as growth projections ease
The Social Security program’s costs will exceed its income this year for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits.
This is three years sooner than expected a year ago, partly due to lower economic growth projections, according to the latest annual report the trustees of Social Security and Medicare released Tuesday. The program’s income comes from tax revenue and interest from its trust fund.
The trust fund will be depleted in 2034 and Social Security will no longer be able to pay its full scheduled benefits unless Congress takes action to shore up the program’s finances. Without any changes, recipients then would receive only about three-quarters of their scheduled benefits from incoming tax revenues.
The report also said that Medicare’s hospital insurance fund would be depleted in 2026, three years earlier than anticipated in last year’s report. Absent changes, the program then would be able to handle 91% of costs.
The nation’s aging population is boosting the costs of Social Security and Medicare, while revenue gains lag due to slower growth in the economy and the labor force.
About 61.5 million people receive retirement or disability benefits from Social Security and 58.4 million receive Medicare.
(Excerpt) Read more at wsj.com ...
Typical Ponzi scam
8 years of virtually no growth will do that.
With luck and good stewardship, we may catch up.
LIES,LIES,LIES There is NO Trust Fund, just a bunch of IOU’S because CONgress Stole and Spent the Money
Oh boy, "lower growth projections" compared to the Obama-blowing-the-doors-off-it GDP numbers.
1. Nancy Pelosi made this into a positive statement. She has said that, there is no real Social Security problem, because even after the time of depletion of all reserves, they will still be able to pay out about 75% of promised benefits. To her and her liberal flunkies, there is no problem here.
2. Paul Ryan had made suggestions about what to do with Medicare. The liberals heaped abuse on him, to the effect that he wants to throw Granny off the cliff, so as a result, we aren’t allowed to discuss the finances of Medicare in our politics anymore. It’s part of the third rail of politics.
Theoretically, the borrowed money will be paid back by future budgets approved by future Congresses and future Presidents.
Theoretically, they are assuming the money gets paid back.
The so called “Greatest Generation” willfully and knowingly enslaved future generations in perpetual debt to pay for their WANTS!
Theoretically, current young antifa and radical millennials will become conservative in the future, work hard and pay into the trust. Theoretically...
Meanwhile, decent Americans are continuing to have to decide whether to buy food or medicine, because many cannot afford both.
Both Bushes, Clinton, and O'dummy are to blame. Traitors.
Medicare to go bust in 2026. That’s only 8 years away.
Should have removed the cap on taxable wages decades ago so Buffett would have been required to pay more taxes than his secretary.
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Paul Ryan made that Social Security suggestion back in 2011.
This was back when I still believed in him as a true conservative. Even back then, Paul found very few GOP who gave him direct support in clear and articulate interviews.
Even (Everybody Likes) Paul Ryan was hung out to dry on this issue. Mitt did not take it on in a big way either.
Mitt was too busy saying how ‘Severely Conservative’ he was
I seem to recall Mitt calling Newt Gingrich ‘Zany’. Showing yet again, how out of touch he was by using that antiquated term.
Do people think the $500 billion Obama took from medicare had anything to do with Medicare going broke 3 years earlier?
I become eligible for Social Security payouts later this year. I could postpone for five or so years, but with all this talk of Social Security ‘searching’ for needed funds, I better take what’s available as soon as I can.
I know of General Motors retirees in Michigan who were promised ‘guaranteed pensions’. That too is subject to change and ‘prudent adjustments’. Fair or not fair.
Giving money away to those illegals and people who hadn’t put in a cent.
What reserves?
Bingo!!!! There is no “reserve fund.”
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