New Report Warns of Social Security, Medicare Insolvency
Summary from the AllSides News Team
The Medicare and Social Security program trust funds are projected to both be exhausted by 2036, the program trustees said in a report released Monday.
Details: The Medicare trust fund is projected to be depleted in 2036, and the Social Security trust fund is projected to be depleted in 2035. These new projections push back the date when the funds are expected to be depleted, crediting the push-back to a stronger than expected economy. But declining birthrates and a growing number of Americans taking advantage of these entitlement programs is leading experts to warn that these programs need to be modified to be sustained long term.
Key Quotes: Treasury Secretary Janet Yellen told reporters on Monday, “Seniors spent a lifetime working to earn the benefits they receive, and the Biden-Harris Administration will continue to oppose cuts to either program. We are committed to steps that would protect and strengthen these programs that Americans rely on for a secure retirement.”
How the Media Covered It: Outlets across the spectrum noted the report as slightly good news delaying an impending crisis, but emphasized that the crisis remains in sight. The Washington Examiner (Lean Right bias) deemed the report “yet another reminder for lawmakers that the prized entitlement programs can’t last in perpetuity without action.” CNN (Lean Left bias) determined that Congress is “unlikely to delve into the controversial issue anytime soon, even as the ballooning programs are putting added strain on the federal budget and contributing to rising deficits.”
Featured Coverage of this Story
From the Left
Social Security will not be able to pay full benefits in 2035 if Congress doesn’t act. Medicare has a little more timeSocial Security and Medicare will not be able to fully pay benefits in just over a decade if lawmakers don’t act to address the pending shortfalls, according to reports released Monday by the entitlement programs’ trustees. While the trust funds’ finances improved slightly, they remain in dire shape.
The combined Social Security trust funds – which help support monthly payments to the elderly, survivors and people with disabilities – are expected to be exhausted in 2035, one year later than previously forecast, according to its trustees’ annual report. After that,...
From the Center
Social Security can pay full benefits until 2035 before trust funds are depleted – one year later than expected – but time is still running outSocial Security will live to see another year before its trust funds cumulatively run out of money, and Medicare Part A’s trust fund depletion date gained another two years – but the clock is still ticking for the government to fix the insolvency issue.
Without any changes in the next 13 years, Social Security beneficiaries can expect to see a 20% cut to their Social Security checks in 2035, according to the Social Security and Medicare Board of Trustees report released on Thursday. For Medicare Part A beneficiaries, the...
From the Right
Social Security trust fund to be exhausted by 2035 and Medicare in 2036, trustees projectThe Medicare trust fund will be exhausted in 2036, and the combined Social Security trust fund will become exhausted in 2035, the programs’ trustees projected on Monday.
The report illustrates the long-term problems facing the entitlement programs, on which tens of millions of people rely. Nevertheless, it contained good news in that the deadlines have been moved back a bit from last year’s projections.
The extended timeline gives a bit more breathing room to Congress, where the looming depletion of the trust fund has become a top political issue. Both...
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