New Report Warns of Social Security, Medicare Insolvency

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.”