Gee, I wonder where all the money went. Could it be we spent it on “undocumented” aliens, and social programs championed by greedy politicians? Regardless of who is to blame, I sure hope you weren’t counting on that money because its predicted to be gone sooner than expected.
Associated Press published this latest update of the swooshing sound of the money being sucked out of these entitlements.
Medicare will run out of money sooner than expected, and Social Security’s financial problems can’t be ignored either, the government said Tuesday in a sobering checkup on programs vital to the middle class.
The report from program trustees says Medicare will become insolvent in 2026 — three years earlier than previously forecast. Its giant trust fund for inpatient care won’t be able to fully cover projected medical bills starting at that point.
The report says Social Security will become insolvent in 2034 — no change from the projection last year.
The warning serves as a reminder of major issues left to languish while Washington plunges deeper into partisan strife. Because of the deterioration in Medicare’s finances, officials said the Trump administration will be required by law to send Congress a plan next year to address the problems, after the president’s budget is submitted.
… Unless lawmakers act, both programs face the prospect of being unable to cover the full cost of promised benefits. With Social Security that could mean sharply reduced payments for retirees, many of whom are already on tight budgets. The report said the total annual cost of Social Security is projected to exceed total annual income in 2018 for the first time since the Reagan era, meaning the program will have to tap into reserves.
For Medicare, insolvency would mean that hospitals, nursing homes and other providers of medical care would be paid only part of their agreed-upon fees.
No problem, just don’t ever retire or get sick in your old age. Problem solved. Aren’t you glad you paid into these programs all your working adult life?